Home / Special Coverage / Malaysian Fuel Prices (Page 7)

  • RON97 priced at RM2.00 a liter effective Nov 18

    In Local News, Malaysian Fuel Prices / By / / 53 comments

    Fuel-Wallet GaugeMost of us was expecting a fuel price cut to happen either on Friday or Saturday last week but the weekend came and went and nothing happened. I know some of you are probably getting a little anxious.

    But no worries, the good news is there will be a price cut after all, and its once again an amount of 15 sen that will be effective midnight tonight.

    The following are the new prices of fuel in Malaysia slashed by 15 sen each effective tomorrow, the 18th of November 2008:

    Fuel Old Price Reduction New Price
    RON97 RM2.15 RM0.15 RM2.00
    RON92 RM2.05 RM0.15 RM1.90
    Diesel RM2.05 RM0.15 RM1.90

    In other motoring-related news, the Deputy Prime Minister Datuk Seri Najib Tun Razak revealed that the Cabinet had discussed recently on whether to declassify the country’s toll concession agreements, but he declined to reveal any result, instead prefering to leave it to the Works Mnister Datuk Mohd Zin Mohamed to make a statement.

     

  • Shahrir: Fuel price to be cut further mid-Nov

    In Local News, Malaysian Fuel Prices / By / / 36 comments

    Fuel-Wallet GaugeAs expected, there will be another round of fuel price revisions coming mid-November (likely the 15th of November 2008, this Friday) and Minister of Domestic Trade and Consumer Affairs Datuk Shahrir Samad indicates that it will most likely be a price cut.

    The government announced previously that it aimed for the fuel prices to be revised every 2 weeks and it has kept to this for the past month or so quite diligently. Each round of revisions brought cuts, with the most recent being a 15 sen cut to RM2.15 per litre for RON97 petrol and RM2.05 per litre for RON92 petrol and diesel. This came into effect on the 1st this month.

    Anyone want to try to guess how much the cut will be this time?

     

  • Shahrir suggests minimum RM1.92 price for fuel

    In Local News, Malaysian Fuel Prices / By / / 46 comments

    Fuel-Wallet GaugeWe may not see our fuel prices ever dropping below RM1.92 per litre, if the current Domestic Trade and Consumer Affairs Minister gets his way. Minister of Domestic Trade and Consumer Affairs is of the opinion that the government should scrap the RM0.30 per litre fuel subsidy if the cost of fuel minus the subsidy ended up being less than RM1.92 per litre.

    This is because he feels RM1.92 per litre is a reasonable price to pay for fuel in Malaysia. In fact, since a floor price of RM1.92 per litre is being suggested, we could also see sales tax for petroleum introduced if unsubsidised fuel ends up being priced under RM1.92 per litre!

    “I believe that we should try as best as possible to reduce or even stop forking out money for fuel subsidy and use it for development and economic purposes. Despite a decline in global fuel price, the amount of subsidy the government has to fork out is still substantial. I also believe that if the price is any lower than what I have mentioned, the public will not practice wise spending because an essential item is cheap,” said Datuk Shahrir.

    The new higher fuel prices has forced me to be more frugal with my accelerator pedal. My driving is alot smoother and I managed to stretch my mileage from about 450 to 500km per tank to 620km per tank thanks to a new driving pattern. But at the same time, you have to acknowledge that those from the really poor income bracket need all the help they can get and would definitely benefit from having a fuel price lower than RM1.92 per litre without increasing their consumption unreasonably!

    Government fuel subsidy expenditure for the months of June, July and August 2008 was RM1.97 billion, RM1.95 billion and RM1.42 billion respectively. In addition to that, the government also paid out an additional RM2.5 billion between April to September 2008 for the RM625 per vehicle subsidy.

    “The government has spent up to RM16.8 billion just on fuel subsidy and RM2.5 billion on rebates for motorists and motorcyclists. All that means from January to December, we’ll be spending about RM19 to RM20 billion. If we can save some money on subsidy, that savings will be spent to tackle the issue of economic growth,” the Minister added.

    The RM625 subsidy will be gone next year. In its place will be a new system that has yet to be decided by the government.

    Source

     

  • Fuel prices slashed by 15 sen tomorrow!

    In Local News, Malaysian Fuel Prices / By / / 66 comments

    Fuel-Wallet GaugeAs indicated earlier this month by Minister of Domestic Trade and Consumer Affairs Datuk Shahrir Abdul Samad, a cut in fuel prices have been announced effective from tomorrow, but despite a big fall in crude oil prices worldwide, the reduction for all three fuel types is a maximum of 15 sen a litre.

    According to the government, this is supposedly to help the petrol dealers cope with losses of existing fuel stock. However Shahrir noted that there are some in the government who prefer more significant cuts at one go. I reckon if crude oil prices continue to remain low, the next revision of prices that is likely to happen on the 15th of November 2008 will another maximum drop of 15 sen until it reaches a proper low price according to market rates.

    The following are the new prices of fuel in Malaysia slashed by 15 sen each effective tomorrow, the 1st of November 2008:

    Fuel Old Price Reduction New Price
    RON97 RM2.30 RM0.15 RM2.15
    RON92 RM2.20 RM0.15 RM2.05
    Diesel RM2.20 RM0.15 RM2.05
     

  • Shahrir: Another reduction in fuel prices could be possible end-October!

    In Cars, Local News, Malaysian Fuel Prices / By / / 35 comments

    Fuel-Wallet GaugeMinister of Domestic Trade and Consumer Affairs Datuk Shahrir Samad has indicated that the prices of petrol and diesel could be reduced again by the end of October 2008 as world crude oil prices were still on a downward trend.

    He added that revising the price of petrol and diesel is easier now as the matter no longer had to be discussed in the Cabinet, but instead can be decided through a meeting of a few key ministers chaired by the PM. I think as earlier promised, we are slowly moving towards having a floating price for petrol and diesel that is revised twice a month, with potential to be even more frequent in the future.

    The last fuel price slash was a couple of days ago on the 15th of October 2008. RON97 fuel was slashed 15 sen from RM2.45 per litre to RM2.30 per litre, while RON92 and Diesel fuel were slashed to the same RM2.20 per litre.

    Interestingly, the minister also mentioned that the government cannot bring down prices drastically as it could have adverse effects in the supply chain, but it seems that they have no qualms about increasing it drastically as proven in the past.

    I suppose he is referring to the petrol station operators suffer losses if fuel price goes down by a large margin while they still have stocks of fuel purchased at the old price. Even when fuel prices went up, they had something to complain about – the margin of profit for every litre sold which they claimed remained the same while the cost of fuel went up.

    Source

     

  • Petrol and diesel price slash from tomorrow!

    In Local News, Malaysian Fuel Prices / By / / 40 comments

    Fuel-Wallet GaugeIt was just a few days ago that Minister of Domestic Trade and Consumer Affairs Datuk Shahrir Abdul Samad said a fuel price cut could be coming at the end of the month, but it looks like the government has decided to drop the prices earlier – tomorrow! The amount slashes is also more than the maximum of 12 sen that was previously indicated.

    The following are the new prices of fuel in Malaysia slashed between 10 sen to 20 sen, effective on the 15th of October 2008:

    Fuel Old Price Reduction New Price
    RON97 RM2.45 RM0.15 RM2.30
    RON92 RM2.30 RM0.10 RM2.20
    Diesel RM2.40 RM0.20 RM2.20
     

  • Shahrir: 12 sen drop for fuel prices possible in November 2008

    In Local News, Malaysian Fuel Prices / By / / 34 comments

    Fuel Wallet GaugeBased on the average monthly fuel price so far, Datuk Shahrir Samad has indicated a probable reduction in petrol prices of up to a maximum of 12 sen by the end of October 2008. If the maximum of 12 sen reduction is achieved, this would mean RON97 fuel could cost RM2.33 per litre, down from the current RM2.45 per litre. This maximum drop is possible if crude oil prices average out below US$104 per barrel.

    Our petrol price is dependent on two factors – the price of crude oil itself and the exchange rate between USD and MYR. Datuk Shahrir mentioned that at current exchange rate prices, oil per barrel has to be US$72 for a RM1.92 petrol price. If we want to enjoy a RM1.92 price with oil costing more than US$72 per barrel, our ringgit instead needs to appreciate against the US dollar.

     

  • Shahrir: Petrol price drop possible if crude oil averages under US$104 per barrel

    In Local News, Malaysian Fuel Prices / By / / 23 comments

    Fuel Wallet GaugeMinister of Domestic Trade and Consumer Affairs Datuk Shahrir Abdul Samad says it is possible for further reduction of petrol and diesel prices in November 2008 if the average crude oil prices for October 2008 remain below US$104.

    Let’s just pray that this happens! The current lower prices are partly due to the failure of the US$700 billion US financial sector bailout to pass through the US House of Representatives voting. The Bush administration is now trying to pass a revised bid and if this goes through, we may see crude oil prices go up again in anticipation of higher demand from the US, who are the biggest consumers of the commodity.

    The government dropped a bomb on us on the 5th of June this year by raising RON97 petrol prices from RM1.92 per litre up to RM2.70 per litre. It then reduced prices to RM2.55 in August and RM2.45 in September.

     

  • Oil prices drop 10% on bailout bid failure

    In International News, Malaysian Fuel Prices / By / / 20 comments

    Fuel Wallet GaugePrices of crude oil dropped about 10% yesterday on the NYMEX after the US House of Representatives rejected the Bush administration’s bid for a US$700 billion bailout of the American financial sector called the Emergency Economic Stabilization Act of 2008.

    November delivery light sweet crude dropped as much as US$11.85 at one point, finally settling down at US$96.37 a barrel, down US$10.52. In London, Brent North Sea crude for November dropped US$9.56 to settle at US$93.98 per barrel.

    It previously spiked 16% (up to US$120.92) partly in anticipation of a positive outcome to the very same bailout bid, and a few other reasons such as the expiry of front-month futures contracts and weakening of the US dollar. At the time of that spike November contract delivery prices were US$109.37. December and January contract prices are now roughly the same as November’s price at US$96.09 and US$96.37 respectively.

    “Oil prices should remain under downward pressure. Oil traded for the last five years on fear of supply interruptions. It is now trading on fear of economic collapse,” said WTRG Economics analyst James Williams.

    With this new news, are the government going to reduce petrol and diesel prices again? Or will they say it not make a difference to their coffers because of other reasons such as the ringgit weakening against the US dollar?

    Source

     

  • Malaysian petrol and diesel price down by 10 sen

    In Cars, Local News, Malaysian Fuel Prices / By / / 79 comments

    Fuel-Wallet GaugeThe government has reduced the price of fuel in Malaysia by RM0.10 per litre across the board for all three types of fuel.

    Minister of Domestic Trade and Consumer Affairs Datuk Shahrir Samad said the government could only manage a RM0.10 reduction because although crude oil prices have dropped, the ringgit has depreciated against the US dollar.

    He added that according to calculations the government could only reduce prices by RM0.07 sen but decided to increase subsidy by another RM0.03 sen to make it a total of a RM0.10 price reduction. It would be interesting to see how this is calculated.

    The following are the new prices for petrol and diesel in Malaysia, effective tomorrow:

    Fuel Old Price Reduction New Price
    RON97 RM2.55 RM0.10 RM2.45
    RON92 RM2.40 RM0.10 RM2.30
    Diesel RM2.50 RM0.10 RM2.40

    This means that for a full tank of 50 litres, you get to save RM5 per fuel tank or between RM20 to RM30 depending on whether you fill up between 4 to 6 times a month. I hope this means something to those that are needy out there, but as for me I do not feel like I will be saving much. Selamat Hari Raya!

     
 
1 … 5 6 7 8 9 10
 
 
 
 

Archives