Oil Price At RM3.15 If Not For Restructuring Of Fuel Subsidy System

KUALA LUMPUR, June 12 (Bernama) -- The government might have been forced to set the retail price of petrol at a much higher level had it not restructured the fuel subsidy system and raised petrol to RM2.70 and RM2.58 for diesel last Thursday.This is because global crude oil price rose to US$138 per barrel two days later on Friday.Without the new subsidy system where it is fixed at 30 sen, the government might have been forced to set a higher price of RM3.15 per litre for petrol, said Second Finance Minister Tan Sri Nor Mohamed Yakcop said at a media briefing on the budget here Thursday.On June 4, the government raised the petrol and diesel prices by 78 sen and RM1 litre respectively.He said on Friday, two days after the announcement of the new prices, the global oil price rose to as high as US$138 a barrel."Based on that price, the local price without subsidy will be RM3.45."The price has gone up, and if we do not do anything and maintain the subsidy, then at the end of the month we will be forced to announce an oil price of RM3.15 a litre which will raise the subsidy to RM33 billion.Nor Mohamed said without the restructuring of the subsidy scheme, the government would have to allocate RM10 billion for June to December 2008."For the first five months of this year, the subsidy was RM8 billion," he said.He said the government's total revenue was only RM147 billion and of the amount, RM33 billion was for subsidy to oil firms because they had been asked to sell oil at the lowest price possible.-- BERNAMA

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