In a live session on his Facebook today, the former prime minister said he was worried about unsteady world crude oil prices.

“This is the chance for the PH government to fulfil their promise. They promised if today they win (in the May 9 polls), tomorrow it (the price of petrol in Malaysia) will go down to RM1.50 per litre,” Najib said.

“But they (PH) took steps to delay the bringing down of petrol prices until this issue had to be brought up by me and several parties.”

The Automatic Price Mechanism (APM) had determined fuel prices since 1983 before it was replaced by the managed float system in December 2014, following the removal of subsidies.

Under the APM, Putrajaya sets the fuel price at a level that cannot be changed within a specified time frame despite movements in global crude oil prices.

Last week, Finance Minister Lim Guan Eng said fuel prices, including for RON95 petrol, would be fixed on a weekly basis.

Following this, the Petroleum Dealers Association of Malaysia (PDAM) said it was holding a series of urgent meetings with Putrajaya over the decision in order to stop a possible national-level boycott by its members.

Petrol dealers are said to be refusing to re-stock fuel for the next few days as they were worried about incurring losses after the weekly price float is implemented.

The domestic trade and consumer affairs ministry has given an assurance that there is an adequate supply of gasoline and diesel for sale daily throughout the country.

It has also warned that action would be taken against petrol dealers who did not have sufficient stock.

Prime Minister Dr Mahathir Mohamad had also said he would meet with the dealers to discuss the government’s decision and focus on how to resolve their concerns after the weekly fuel price float begins.

In September, the government had said it had no plans to reduce the price of petroleum to RM1.50 per litre unless the world crude oil price drops to that level.

Deputy Finance Minister Amiruddin Hamzah at the time had also denied that PH had promised to reduce the fuel prices to RM1.50 in its 14th general election manifesto.

Lim said today that the current retail prices of RON95, RON97 and diesel would remain for the next few days pending the Cabinet meeting on Wednesday.

In a statement, Lim said this would enable the Cabinet to look into PDAM’s concerns over the government’s decision to revise fuel prices on a weekly basis and ensure the optimal way to set fuel prices.

Lim said that revising fuel prices on a weekly basis would allow consumers to enjoy savings from changes in global oil prices quicker. PDAM, however, is against the move.

On the economy, the former finance minister said Malaysians were upset about the rising costs of living, which PH promised to tackle. Najib reiterated his stance that the sales and services tax had not brought prices down.

“These are some of the things that are worrying, including… the stability of jobs and the loss of their support systems. This is not how things were done under Barisan Nasional’s rule.

“Nevertheless, I wish for the best for all citizens next year… I hope Malaysians will be tough in facing these challenges in 2019. Happy New Year.”