The Minister of International Trade and Industry Tan Sri Muhyiddin Yassin said there was a need to review gas and electricity rates for industries as oil prices had fallen recently.

“This was requested by the industries as gas and electricity are the two main components of their production cost,” he told reporters after delivering a New Year’s message to staff of the Ministry of International and Trade Ministry (MITI) here, Monday.

“We will take up the matter with the relevant parties including Petronas, Tenaga Nasional and the Ministry of Energy, Water and Communications for deliberation,” he said.

Muhyiddin also disclosed that there had been a previous discussion on the issue with those concerned but no decision was made as it was held at a time when oil prices were still high.

“But now, it is obvious that the rates needed to be reviewed, as oil prices have fallen,” he said.

According to Muhyiddin, besides reviewing the rates, the industries had also asked for a bigger supply of gas.

For the electricity sector, gas is still a major primary energy input, constituting 68 percent, with 63.8 percent of the installed generating plants operating on gas.

On the further liberalisation of the services sector, Muhyiddin said that a committee chaired by Deputy Prime Minister Datuk Seri Najib Tun Razak would hold its first meeting soon.

He said that some services in the sector needed to be liberalised as the country was losing billions of dollars in terms of investment flow by not opening up.