Government to stick to plan on pump prices

PUTRAJAYA, Aug 12 — The government will stick to its plan to announce the new petrol pump price on Sept 1 despite the current declining trend of world crude oil prices, Datuk Seri Abdullah Ahmad Badawi said yesterday.

"We will go on with what has been announced and promised," he told reporters after chairing the first National Economic Council meeting at the Putrajaya International Convention Centre (PICC).

He was asked to comment whether the government would bring forward the announcement date following the development in global crude oil prices.

Crude oil was traded at US$122 (RM405) per barrel last week and US$115 (RM382) per barrel yesterday.

The government had announced that it would make known the new petrol pump price by Sept 1 after taking into consideration the average crude oil prices for this month.

Abdullah also said the council did not discuss the local currency issue.

He was asked to comment on the ringgit being traded at its lowest level, with the local currency weakening against the greenback to 3.3160/3180 as at 5pm yesterday compared with last Friday's closing of 3.3000/3030.

The ringgit's decline, which touched its lowest since January this year, was in line with the sell off in regional currencies as the greenback firmed on lower crude oil price.

On the council, he described the first meeting as successful and that they delved on issues, among others, such as attracting foreign direct investment, good governance, peace, stability, human capital development, government procedures which needed to be further liberalised and the country's competitiveness.

On new initiatives discussed by the council to help reduce the people's burden in facing the current inflation, Abdullah said: "Today we had a general discussion. We identified areas that can give an advantage to our country."

He said after this, the council's executive committee would deliberate and make decisions on matters raised at the meeting.

The 40-member council includes ministers, heads of department, captains of industries, academicians and trade unionists.

On the impression given by Parti Keadilan Rakyat advisor Datuk Seri Anwar Ibrahim that the "government was sinking", he said: "What has Anwar not said negative about us. He said he would move a vote of no confidence (against me) but nothing happened."

-BERNAMA