KUALA LUMPUR (May 16): Senior Minister (Security Cluster) Ismail Sabri Yaakob lamented that businesses would rush to hike prices when fuel price is high but are now silent when fuel price has fallen to an all-time low, Malaysiakini reported today.

He said this after announcing that the government won't allow any public transportation to hike prices for having to operate at half-capacity as their losses can be offset by the current low fuel prices.

"Normally, when fuel prices are high, fares would go up. But when fuel prices go down, fares don't go down.

"We see the same thing with other products. When fuel prices go up, everyone rushes to increase prices but when fuel prices go down no one wants to reduce prices," he told a press conference in Putrajaya today.

According to Malaysiakini, all modes of public transportation are required to operate at half capacity to comply with social distancing guidelines aimed at curbing the spread of Covid-19.

Zooming in on the RM10 hike by ferries plying the Langkawi-Kuala Perlis and Langkawi-Kuala Kedah route, Ismail said the government wants the hike reversed.

The fare is usually RM23 per trip but was increased to RM33 yesterday.

"We understand they have to ferry passengers at half of the regular capacity but any losses they make can be offset by the low fuel price," Ismail said.

Malaysiakini said the Brent crude oil price is presently trading at around US$32.5 per barrel, from a high of US$72.62 per barrel at the start of the year.

Oil prices had come under pressure as large sections of the global economy came to a standstill as countries went into lockdown to deal with the Covid-19 pandemic.

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