Minister in the Prime Minister's Department Datuk Seri Abdul Wahid Omar said consumers can expect to enjoy cheaper fuel, given that the current crude oil price slump is predicted to last about two years.
"But if global prices rebound, the managed float system will likely follow suit," he told reporters after attending a meeting with 50 animation students under the "Peneraju Skil Iltizam" programme here today.
The government, has effective Dec 1, scrapped subsidies for RON 95 petrol and diesel and replaced it with the managed float system.
This came about as a result of global fuel prices being lower than the pump price for RON 95 and diesel. The price of RON 97 has been determined by the managed float system since July 2010.
Meanwhile, the Peneraju Skil Iltizam" programme, managed by the Yayasan Peneraju Pendidikan Bumiputera, was created to give a second chance to those more vocational skills inclined rather academic achievement.
The six-month programme is to meet the demands of industry. The main objective is to produce highly skilled Bumiputera workers to meet the demands of the creative industry.
Earlier in his speech, Wahid said many opportunities awaited the animation industry and it was growing rapidly.
He said according to the Global Animation Industry Report 2014, the size of the industry was worth US$222 billion in 2013, and dominated by the United States, Canada, Japan, China, France, Britain, Korea and Germany.
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