Nasrul indicates fuel price adjustment soon

The price of fuel will soon be adjusted, said Minister of State for Power, Energy and Mineral Resources Nasrul Hamid.

“We expect to adjust the fuel price according to the global market trend tomorrow (Tuesday) or the day after tomorrow (Wednesday),” Nasrul hoped.

Speaking to reporters in his ministry’s conference room, the Minister of State said relevant agencies had assessed the price of fuel for adjustment.

“The decision will come tomorrow or the day after tomorrow in this regard,” he added.

On the price of fuel, Nasrul said that the gasoline market has now risen above $150 (per barrel) from $130 previously. “How much can we adjust the price in this situation, because a lot of the subsidy will be needed again,” he said.

Meanwhile, the National Revenue Board (NBR) issued a notice on Sunday exempting advance tax and reducing import duty on diesel from 10% to 5%, it said.

The Minister of State said: ‘We have given some concessions regarding fuel import tax. Based on this benefit, we may be able to adjust the fuel price. Pricing is still under review.

“We hope there will be a change regarding the price of fuel as the government has granted duty exemption,” he added.

Eleanor C. William