RON95 To Cost 21 Sen Less For February 2015

Yay!

The Domestic Trade, Cooperatives and Consumerism ministry (KPDNKK) today announced that beginning 1 February the retail prices for fuel in the country will be reduced


Deputy Finance Minister Datuk Ahmad Maslan posted on Twitter:

"Minyak turun lagi mulai 1Feb. Ron95 seliter rm1.70, diesel rm1.70 & ron97 rm2.00. Wang lebih utk belanja lain/tambah pelaburan! (The fuel price has gone down again starting February 1. RON95 at RM1.70, diesel RM1.70 and RON97 RM2. Extra money can be used for other expenses/ investment!)" he said.

themalaysianinsider.com

In November, Putrajaya announced that it would remove all fuel subsidies effective 1 December and use a Managed Float Method (MFM) to determine the retail price of fuel on a monthly basis

This follows the Domestic Trade, Cooperatives and Consumerism Ministry's decision to set the market price of Ron 95 and diesel based on a managed float, starting Dec 1, last year. It warned oil companies and petrol station operators that strict action would be taken against parties that fail to comply with the new prices.

thestar.com.my

However, with oil prices showing no signs of recovery, Malaysians should be able to look forward to cheaper oil prices in 2015.

Ahmad Maslan said last month that the government would continuously monitor the market development of the cost of the products and exchange rates in fixing the retail prices of petrol and diesel.

themalaysianinsider.com

Earlier this week, PKR MP Rafizi Ramli said that retail price of RON95 should have fallen to RM1.62 by now, noting that Singapore was charging RM1.63 for the comparable Mogas 95 Unleaded fuel. He has accused Putrajaya of pocketing over RM1 billion in a hidden "fuel tax" as a result of the MFM.

Ahmad Maslan said last month that the government would continuously monitor the market development of the cost of the products and exchange rates in fixing the retail prices of petrol and diesel.

Yesterday, Pandan MP Rafizi Ramli said the government had been collecting "hidden" fuel taxes, cashing in over RM1 billion since last month. "Since the managed float system was adopted on December 1 last year until today, the government has collected RM1.149 billion from petrol and diesel taxes," he said.

themalaysianinsider.com

He added that the people had been paying above market prices for petrol and diesel for the entire month of January because of the price fixing policy by the Federal government.

The PKR secretary-general said that the price for RON95 and diesel on January 1 was RM1.75 per litre. This was after taking into account the cost and profit guarantees given by the government to fuel companies at 32 sen for RON95 and 23 sen per litre for diesel.

themalaysianinsider.com

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