KUALA LUMPUR: Former PKR vice-president Rafizi Ramli today congratulated Finance Minister Lim Guan Eng for his "swift response" over the need to review the government's policy on fuel prices.
"Congratulations @guanenglim - swift action. God willing, RON95 price for January will be RM1.90. If crude oil price continues to fall, it will be lower," he posted on Twitter.
Yesterday, he urged the government to review fuel prices on a weekly basis to reflect the current global crude oil price which has dipped below US$55 per barrel.
Lim today announced that retail price for RON95 petrol will be cheaper from January 1 onwards. He said retail prices of petroleum products will be set on a weekly basis instead of monthly.
He added that if global oil prices were to increase weekly, the rise in retail oil prices would be controlled and limited to RM2.20 per litre for RON95 and RM2.18 for diesel.
In another tweet, Rafizi praised the government for the initiative, saying that it will benefit the people.
"This is the best method. Review it weekly and if the price goes down, the people can reap the benefit immediately.
"...and protect the people with subsidy (fixing the price at RM2.20) if the (oil) price surge.
"This is the Pakatan Harapan way. Congratulations @guanenglim." he tweeted.