Malaysian_Fuel_Prices_Subsidies_November_2014

As global crude oil prices continue to fall – now down to less than USD80 (RM268) per barrel, a four-year low – Malaysians may see a drop in our RON 95 fuel price, says Deputy Finance Minister Datuk Ahmad Maslan. In case you missed it, RON 95 price has just recently been hiked by 20 sen to RM2.30 per litre.

“I will make a recommendation to the Fiscal Policy Committee to reduce the price of RON 95 petrol if the price of global crude oil continues to drop (to between US$75 (RM251) and US$70 (RM234) per barrel),” Ahmad Maslan told the New Straits Times yesterday.

Better yet, he also backtracked on the recently proposed fuel sales tax (that he himself revealed earlier this month), saying that, “I will also propose that no sales tax be imposed on the purchase of RON 95 when its price is reduced in the future.”

“We would like to see whether the prices of goods will also go down if the government decided to reduce the RON 95 petrol price,” Ahmad added. Tell us what you think of this in the comments section below.