The cabinet, at a meeting Friday, agreed to review fuel prices every 15 days instead of a month as decided previously, Housing and Local Government Minister Datuk Seri Ong Ka Chuan said yesterday.
He said the review would take into account the global fuel prices during the 15 day period.
"Should there be an increase (in global fuel price), the maximum price for this year is RM2.70, more than that the government will provide subsidy.
"If there is further reduction, the government will announce an adjustment every 15 days based on global crude oil prices," he told reporters at the Universiti Tunku Abdul Rahman's convocation ceremony Saturday.
On Friday, Prime Minister Datuk Seri Abdullah Ahmad Badawi announced a reduction in fuel prices of between 8 sen and 22 sen effective yesterday. — Bernama
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