He said, RON95 and diesel are set according to the average fuel price in the world market for one month only affected by the movement of the Ringgit against the US Dollar.
"The average price point from 1 to 31 divided by 31 days. Not according to the price at the end of the month as understanding some.
"With the strengthening of the US dollar against the Malaysian Ringgit now, it resulted in the cost of oil purchases also increased. It affects the pricing of fuel in Malaysia," he said in a statement here, today.
Lokman Noor said the retail price of petrol and diesel is set based on a managed float with market power prices determined monthly beginning December 1 2014 following the collapse of world oil prices at that time.
Lokman Noor said many still can not accept that the government should stop subsidizing bulk and help them through the distribution of subsidies to the right target group.
He said the bulk of subsidies granted before this means the rich and poor receive the same subsidy.
"For example, in July 2014, for every liter of RON95, the government subsidizes RM0.6843 per liter," he said, adding that the quantity of oil rich far more than the poor.
"They are a poor use Kancil car, after filling their tanks full of RON95, the amount of subsidies received only about RM16.29.
"Those who come from the middle class also uses the Toyota Camry and spend RM150 for a full tank of them. The subsidy that the government had to pay to them is RM48.87, whichever is three times larger than that of the poor", he said.
Lokman Noor said based on the study of the Ministry of Finance, the government spends 70 percent of the subsidies to help the rich and only 30 percent of the subsidies granted in the form of RON95 and diesel enjoyed the target group.
At the same time, under the system of bulk subsidy foreigners living in Malaysia will also benefit from the subsidy as a result of the tax paid by Malaysians.
Every day, especially on weekends, he said, the subsidy given by the government to the people of Malaysia were also leaked to the vehicle of Singapore, in addition to it being smuggled into Thailand and the Philippines and sold in international waters.
"Subsidy means help, assistance and grants from the government to the people. When asked who should be helped, certainly helped that we need to emphasize that hard before that love.
"Must be provided to our citizens, not foreigners," he said.
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