It’s right in the middle of the month now, and some of you might be wondering what happened to any fuel price revisions that typically happens at the starting of a month, and whether there will be any revisions in the middle of this month.
Well, don’t keep your hopes up high as Datuk Shahrir Samad says average crude prices have remained at a similiar level this month compared to the previous, so no fuel price revision is expected. However he does have some new updates for us regarding fuel prices.
By middle of this year, RON95 will be introduced to provide cheaper fuel so that people who have cars that aren’t so demanding on the octane levels can use it. But RON97’s price will be increased via a fuel tax, which will be used to subsidise the new RON95 fuel. RON95 will replace RON92 and is expected to be priced at the same level as RON92 is currently. He expects RON92 fuel to be an average of 10 to 11 sen cheaper than RON97.
His ministry will also reveal a chart on how retail fuel prices in Malaysia are calculated next week, which should put an end to endless questions by consumers on how the prices are calculated and how much the government is making from us via fuel taxes, if they are earning any at all of course. All of this will be answered next week, if things go as planned. Fuel prices in Malaysia are dependent on Singapore’s Mean of Platts Singapore (MOPS), a regional fuel price monitor. Australia also uses MOPS to calculate their fuel prices.