Deputy Finance Minister Ahmad Maslan will propose that the pump price of RON95 petrol be cut, if crude oil prices go down to between US$70 to US$75 per barrel.

"I was told by officers in charge of petrol subsidy matters that when crude oil prices is at between US$70 to US$75 per barrel, the cost of fuel will be lower than the current pump price of RM2.30 per litre.

"As deputy finance minister, I will personally propose to the Fiscal Policy Committee that the price of petrol be reduced from RM2.30 per litre," he was quoted by Bernama as saying in Malacca.

Crude petrol now costs US$79.41 per barrel.

He added that he hopes traders will also cut prices of goods and services if petrol pump prices are reduced.

He will also propose that no additional tax be charged on RON95, he said.

Pakatan Rakyat representatives have pointed out that consumers will effectively be paying the government a tax on petrol if the price remains at RM2.30 per litre, once crude oil prices go down to US$73 per barrel.

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