KUALA LUMPUR, May 23 — The government will not raise fuel retail prices at present even though global crude oil prices have hit above US$70 (RM279) per barrel currently, said Prime Minister Tun Dr Mahathir Mohamad.

He said this at a press conference after chairing the first Cabinet meeting at Bangunan  Perdana Putra, in Putrajaya today.

Following this announcement, RON95 petrol is unchanged at RM2.20 per litre, RON97 (RM2.47 a litre) and diesel (RM2.18 a litre). The fuel prices have been unchanged for more than one month.

Dr Mahathir said Pakatan Harapan through its manifesto had promised to stabilise the fuel prices and reintroduce fuel subsidies to targeted groups.

"Our policy is not to have weekly changes in the price according to the market,” he said.

Meanwhile, on the Good and Services Tax (GST), he said the government would reduce the six per cent rate to zero per cent by June 1, 2018, while the Sales and Services Tax (SST), which was abolished on April 1, 2015, would be implemented to replace the GST.

According to a statement issued by the Ministry of Finance, the move to reintroduce the SST was needed as there would be a reduction in revenue from the GST collection as its rate has been zero-rated.

This measure was also in line with the fiscal reform which is being implemented by the government. — Bernama