Weekly managed float system for fuel prices a timely measure - Johari

The weekly managed float system being implemented in the country to determine fuel prices is timely, said Second Finance Minister Datuk Johari Abdul Ghani.

He said this was because fuel prices in Malaysia were influenced by the world oil prices.

"If (we) look at the beginning of the weekly managed float system, there have been a drop of 17 sen for RON95 (petrol per litre), 19 sen for RON97 and nine sen for diesel... The people still benefit as the prices are still reasonable and controlled.

"However, the government is always prepared to take a more proactive measures should there be a sudden increase in world prices of oil," he told reporters after launching the Road Transport Department (RTD) MyPrihatin programme for the Titiwangsa parliamentary constituency-level here today.

Also present were RTD director-general Datuk Seri Nadzri Siron and Malaysian Muslim Consumers Association (PPIM) chief activist Datuk Nadzim Johan.

Johari was commenting on the increase of fuel prices the past four months which was deemed as a burden to the people.

He also did not rule out the possibility that the ongoing crisis in Syria could have its impact on the world fuel prices.

"When there is an attack by the United States on that country (Syria), the largest oil producer in West Asia, various quarters believe that the world's fuel supplies will be disrupted...This is among the reasons for the sudden increase in oil prices," said Johari.

In February, the government announced an increase of 20 sen in the prices of RON95 and RON97, and 10 sen for diesel.

Two months later, the weekly retail price for RON95 rose three sen to RM2.16 per litre, RON97 went up two sen to RM2.34 per litre, while diesel fell three sen to RM2.08 per litre, effective April 6 to 12.

-- BERNAMA