The government should set up a energy price stabilising fund to cushion off price hikes in oil and gas, the Water and Energy Consumers Association of Malaysia (Wecam) said today.

Its secretary general S Piarapakaran said the fund would also be effective in allowing the government to abolish subsidies in the energy sector.

He told Bernama that once the prices were stabilised, it would be easier for the government to improve the planning, harnessing and sustaining of energy resources in the country.

He felt that the government should amalgamate all organisations dealing with energy and place it under the Malaysian Energy Commission (MEC).

"We would like the MEC to be the sole regulator of energy resources in the country," he said.

He urged the government not to go ahead with its plan to set up a Renewable Energy Development Authority as it would overlap with the MEC’s functions.

The government had intentions to set up such a body under the 10th Malaysia Plan announced recently.

- Bernama