Call for the government to reintroduce subsidy for RON 95 to prevent RON95 price exceeding RM2.30, the psychological price point in Nov 2014 before government introduce the manage float system for petrol prices.

Malaysians may have to pay more than RM2.30 by midnight today due to the rising global oil price. The Brent Crude Oil price have risen for 14.65% over the past month from USD55.62 to USD63.77.

When the government introduced the mange float system for Petrol prices in Nov 2014, RON95 price is at RM2.30. Since then, RON95 price has never hit above the psychological price point of RM2.30.

I call on the government to reintroduce petrol subsidy for RON95 especially for the B40 group as the poor will be hit the most in the scenario of a petrol price driven inflation.

In a report three days ago, Bloomberg reported that OPEC is eyeing a USD70 crude oil price. Should the crude oil price hit USD70, Malaysia as an oil producing country will be able to collect more profits from the sale of oil.

Will Putrajaya use the additional profits from the rising oil price to subsidise petrol? If not, Putrajaya need to explain to Malaysians where does the additional profits from the rising oil prices go?

Pakatan Harapan has already pledged to reintroduce petrol subsidy for the B40 group if we win federal power. Will BN follow suit?

Media Statement by Chong Zhemin DAP Perak Economic Development Bureau Chief and Political Secretary to MP Taping on the 8 Novermber 2017