PKR leader Rafizi Ramli today congratulated Finance Minister Lim Guan Eng's "swift response" to criticism of the government's policy towards fuel prices amid the falling global crude oil price.
Rafizi had yesterday urged the government to revert to a weekly managed float system for fuel prices after global crude oil price dipped below US$55 per barrel.
Today, Lim announced the reimplementation of the weekly price revisions beginning next year.
"Congratulations Lim – swift action. God willing, RON95 price for January will be RM1.90 or lower if cruel oil price continues to fall," he said in a series of posts on Twitter.
While the managed float system is similar to that by the previous BN government, a key distinction is that there will be a price cap at RM2.20 per litre for RON95, whereby it will not go higher in the event that the crude oil price surges beyond that level.
The RM2.20 per litre for RON95 was fixed in March when the crude oil price was at around US$69 per barrel.
"This is the best method, a weekly price revision that can benefit the rakyat if it goes down.
"This is coupled with subsidies to protect the rakyat by fixing the price at RM2.20 if oil prices surge dramatically.
"This is the Harapan way," he said.
Lim said motorists can expect lower fuel prices once the managed float system is reimplemented next year but did not disclose the new price.
The crude oil price had fallen dramatically in the last three months from a high of US$86.29 per barrel on Oct 3.