Ministry of Primary Industries is in discussion of the possibility of setting up

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  • 13 Feb 2019 12:00 AM
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Malaysian Government in Discussion to Set Up Fund to Stabilise Biofuel Prices

Malaysia could replicate a fuel stabilisation programme similar to neighbouring countries, by creating a biofuel fund to minimise jolts in global petrol pump prices. Primary Industries Minister Teresa Kok said the proposal has been brought to Cabinet, but the ministry would revisit it for further discussions this year. “The Ministry of Primary Industries (MPI) has been discussing the possibility of setting up a ‘biofuel price stabilisation fund’ to help consumers bear the fuel cost when the prices are fluctuating. “At the moment, we are only presenting our proposal for the fund, but we need to convince other ministries and work together with government agencies to get the calculation right,” she told reporters at the Council of Palm Oil Producing Countries (CPOPC) Business Forum 2019 in Putrajaya yesterday. “MPI would seek further discussion with the Prime Minister’s Office, the Ministry of International Trade and Industry and other ministries on this proposal,” she said. Kok added that the fund would be similar to Thailand and Indonesia’s mechanism.

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