Deputy finance minister Datuk Ahmad Maslan has said that if global oil prices continue to tumble, RON 95 petrol and diesel may be priced under RM2 a litre from January 1, according to a Bernama report.
“If the downtrend in global oil prices continues over the next 10 days, I am confident that RON 95 and diesel can be fixed at below RM2 per litre,” he said, adding that in the first 18 days of December 2014, the average prices of both fuels had dropped under that mark.
Since fuel subsidies were discontinued at beginning of December, prices are now based on a managed float system, which will be reviewed monthly. Current retail pricing for RON 95 is RM2.26 per litre (down four sen from previously), while RON 97 is priced at RM2.46 per litre (down nine sen). Diesel, meanwhile, is priced at RM2.23 per litre (up three sen).
The government also announced that a simplified version of the formula used to calculate the price of RON 95 petrol and diesel would be made public soon, allowing the rakyat to know exactly how fuel prices are derived. Expect some kind of announcement soon on fuel prices.
Looking to sell your car? Sell it with Carro.
Kenapa cakap saja? Set it below RM2 then we’re talking. I always see actions bigger than talks.
Oil prices have dropped to lowest-in-30-years and the US is selling it at US$2 per gallon (down from previously $4), I don’t see why we still need to pay RM2.63.
have to wait for petronas and other cronies O&G company to finish selling their old inventory first ma. after cronies stock up with newer cheaper batch of oil only reduce our price
Fill days to go until Jan 1, hope that this SHIT Maslan words will be true. And why the calculation formula ???
And still waiting for reduction on car price…
Where the calculation formula???
During the time of RM1.90 per litre, was the crude oil as cheap as now? NO!
So government subsidize us or we subsidize them? You tell me.
I have been with Shell for the past 30 years and I am involved with pricing/finance. The exact formula is as below
If Global Brent is USD60.00/barrel = RM210
RM210/159 = RM1.32/ltr (per barrel has 159 litres)
Before refining charge and petrol dealer profit is RM1.32/ltr
Our Government keeps on lying to us. Now it looks like the poor will be subsidising the Government for their lavish lifestyles.
There is no way petrol can even be more than RM1.60 as Brent Crude has fallen to its lowest. If they are truly doing a proper float system, the actual price is RM1.32 per litre if per barrel is US$60.
Then there is 2 other elements. 1) Refining cost and 2) Petrol Dealer Profit
The maximum for refining cost is 10 sen per litre. That is the Maximum ceiling for refining based on global refining charges.
Petrol dealer profit also is usually 10 sen per litre.
This is typical Malaysia. Government throw saki baki scraps from the dinner table, the rakyat, like dogs are forced to pick the leftovers and eat. The recent reduction of 4 sen per litre is a big joke and a big rip off to the rakyat.
The recent reduction 4 sen per litre is a slap to all Malaysians.
How much can most people save? Most people full tank is 40 litres. That means for a full tank you save ONLY RM1.60
Whilst Ministers wives are buying Birkin handbags costing minimum RM100,000 to RM500,000 each and one particular has about 30 different Birkin handbags, we are told that we are given savings of RM1.60 for each full tank (4 sen reduction recently)
If oil drops below US$60 per barrel, the price should be RM1.10 per litres.
Critics will argue about sales tax but every single oil producing country sells their oil without sales tax to the rakyat. Malaysia is the ONLY country in the world charging sales tax on petrol to its rakyat.
Now got 250,000 people lost their homes, cars, tv, radio, fridge and every electrical equipment in their houses. Sofa rosak, mattress rosak everything rosak. 95% of them are poor Malays.
How Kerajaan? Still want to charge so much for petrol and still want to intro GST?
250,000 people have lost everything. Semua hilang.
And still kerajaan ketuk rakyat for minyak!!
U.S. crude oil production, including the liquids separated from Natural Gas, outperformed other countries with daily output exceeding eleven million barrels in the first quarter of this year. Indeed, this is the highest in the world, for all the countries, for the first quarter of the year. Well, the eleven million barrels is also the highest volume produced by the country in twenty four years. And, for good measure, it is expected that the U.S. will stay as the No. 1 Producer for the rest of 2014, as oil production is expected to increase in the second half too. The U.S., to look back at history, became the world’s largest natural oil producer in 2010 itself. In June, according to the International Energy Agency, the country had become the biggest producer of oil and natural gas liquids….
USD60/barrel, we get RM2.00/liter.
imagine the following:
USD90/barrel, we get RM3.00/liter.
USD110/barrel, we get RM3.66/liter.
note: Highest record = USD147/barrel.
#When is the Promised 30% Car price reduction?
We already have Petrol Unsubsidized.
it’s about time we see reduction in car prices. (hopefully)
[playing ‘morning flower’] hey! wake up dude…
Venven81,You must be dreaming.Petronas has already declared it will be sending back 37% less in revenue to gomen cos of fall in world oil prices.
Gomen short of easily rm10 Billion in 2015.Now the floods took another half billion rm.With MRT and other mega projects on full steam,tell us…where to get extra cash?
A.Print extra money
B.EPF soft loan(extend withdrawal age to 60)
C.Issue bonds,sukuk
D.Increse excise duties(cars…might be targeted).
Do you get the true picture?GST is just sidetracking us.More hardships on the way,as imported goods are more expensive due to our sliding ringgit.
The shithole is only getting deeper.
2$/gallon = RM1.85/liter.
USD 60/barrel = RM 1.76/liter.
note:
1barrel =119.24liter
1USD =RM3.50
current oil price = USD 57.88/barrel = RM 1.70/liter.
Export High Grade Oil, import Low Grade Oil And selling to us at ABOVE International Price?
OMG..Jangan cakap banyak, cepat turun harga minyak. puihhh…This useless always talk cock….
While I dont expect RON97 to go below RM2 per litre, but will RON97 price come down as well in January, or is the reduction just for RON95 & diesel?
When fuel price increase, it effective immediately. While fuel price reduce, there are so many studies. I thought it’s floating price.
‘Floating’ price? More like ‘Farting’ price.
I got a question here is if govt is reviewing the price on a monthly basis, what if in the first week global crude is high and then the second third and forth week are low? How should our floated system price being set? If govt set it on based on first week then rakyat again subsidy the govt.
Maslan, don’t just omong kosong; just do it. Why do we need to wait till 1 January 2015? Are you hoping for ‘miracle’ for crude oil to go up and screw the Rakyat? Crude oil has been tumbling and what has been done? Reduced by 4 cent earlier this month? When increase, you up the price by 20 cent in October. What a joke!
4 sen reduction? I won’t be surprised if this really happens. Dealers’ profit is 12 sen/L.
Mid-grade fuel USD1.95/gal
Fuel tax for MI state 37.4cents
Price without tax USD1.58/gal
Price of petrol in RM: 1USD = RM3.50
1 gallon = 3.78 litres
RM5.53 / 3.78L = RM1.46/L
Do not state the obvious Mas Lan, petrol prices should be at least be at RM1.50/L . Let’s not forget all this while you have pocketed a few hundred million ringgit due as prices has been dropping all this while we still paying the same price.
References:
http://www.kalamazoogasprices.com/index.aspx?fuel=B&area=Kalamazoo&area=Westwood&area=Kalamazoo,Westwood
http://en.wikipedia.org/wiki/Fuel_taxes_in_the_United_States
http://www.xe.com/currencyconverter/convert/?Amount=1.58&From=USD&To=MYR
OPEC, the United States of America is here, and how. As the top oil producing nation for 2014, the U.S. has steadily left the world behind. Who said oil in the US was always under sempiternal stormy weather? Play a serenade.
According to the latest estimates, the U.S. is bypassing not only oil behemoth Saudi Arabia but also slapdash Russia. So, from positions No.1 and No.2 as leading oil producing nations, Saudi Arabia and Russia are effectively knocked off the pedestal…..
Put the money where your mouth is…
I read the subject and noticed the someone name at the end…
and it make me laugh. a bit. just a bit.
kbhaii…
blardy hell, raise price so fast, but when comes to price drop need to think few weeks, go to hell BeeEnd…
ur lucky there are still plenty of monkeys brain-washed by you for centuries are there to support you
Nice..
ron95 base on float system..
I hope ron97 would not be control by government anymore, let the market @ oil company decide on that.
After that, abolish excise duty gradually..
lu jangan mimpi! isteri i mau shopping tau
Isteri shopping, abang main Golf.
Why you never pay me for shopping? Ada isteri lain kah?
don’t say is rm1.99…at currect price is shoud be 1.60 to 1.70
So far, they hv delivered more miseries than good things to the people.
If we voice, we r ask to get out. Running the country as if they own it.
It’s a communist country now.
Possibly that’s the reason why Chin Peng was not allowed home, dead or alive.
I think they are waiting the price hiking again and then say “Ops..price increase again…no more discount dude”
not price hike, probably just a small upward turn…
According to the International Energy Agency (IEA), oil output in the US will increase to 13.1 million barrels a day in 2019 before leveling off. IEA predicts that the US would enjoy the top ranking as a producer till 2030 only due to resource depletion as oil is a non-renewable source of energy. Then, the Middle-East may re-emerge to dominate the oil scene again. But, those days are far off. For now though, on the energy field at least, things are as rosy as they look. In fact, a decision of a U.S. Commerce Department to allow overseas shipment of processed ultra-light oil (condensate) raises hopes of the nation lifting a four-decade long impractical ban on crude exports. Journeyed in the right direction, where it’s headed now, North America will relive the build-up of crude supply. Should that happen, the U.S. will have daily exports of one million barrels of crude by the end of the year, according to a report.
I thought we’re on managed float system? If so, my understanding is that governing body to step in only if prices fall/rise out of a certain band.
So, why is it that our prices are “tengok dulu, kira-kira dulu, baru kita set harga tu”. Isn’t this practice more of a fixed priced system then?
Anyhow, Malaysia’s such a laughing stock. An oil & gas country, yet all these rubbish..
As (almost) everyone in the U.S. knows, this has been achieved on the back of robust boom in the energy extraction from shale rocks. Speaking anything (or writing anything, for that matter), would still underestimate the role of Shale boom in these energy developments. In case the U.S. didn’t have Shale to fall back on, and taking into account the political situations in some oil producing countries, oil prices would have been a tad beyond the reach of an ordinary citizen. A scenario unimaginable; the tone apocalyptic, so why say?…
There is NO TRANSPARENCY in managed float system. Since government already used the calculation on December 2014, then why the government still not release the simplified calculation? and the source of data used(the average crude price)? Moreover, are they want to change the calculation since the price of crude oil tumble even worse than November 2014? or Are they will release the moment crude oil price hike up? are Rakyat already been fooled by government? Share your thought.
usually any unrest in any of the oil producing countries shakes up the speculators making the oil prices bit too tipsy. That the good news of U.S. oil production hasn’t caused any ripple in the global market can be attributed largely to the Geo-political and unusual situations in countries like Iraq, Libya and Nigeria. In Iraq, militant group Islamic State of Iraq and al-Shaam (ISIS) has raised alarm bells regarding oil flows from the second-largest Producer of OPEC (after Saudi Arabia). Infrastructure woes including theft and sabotage have blighted oil industry in Nigeria whereas political unrest and protests in Libya have led to reduced oil production….
Floating price but still euro 2 std.climate changes v all knw.pls upgrade to euro v at least to less pollute environment. Long long pending Dis issue
Datuk, can you publish the complete version of the formula rather then the “simplified” one? And give us the input you use for the formula also.
If you can comprehend it, so can I.
Brunei Fuel Price 29-12-14
Diesel -B$ 0.31
Petrol -B$ 0.45/7
Petrol Premium -B$ 0.513
Sendiri cakap sendiri syok again, drop until RM 1.00 per litre only Rakyat will happy and don’t forget the car price reduce to reasonable level.
This maslan and cronies are damn bangsat. Price increased without notice and happened overnight. When price low, have to study la, have to observe la, have to seek approval from boss la, have to depend my machai families la. lots of crap stories. Just wonder if anyone know how oversea handle this floating system by weekly or monthly?
talk talk talk talk..woii.. go action and reduce the price right now… why need to delay and delay.. when price increase, why do it immediately but when come down, slowly cut.. */\*..
Macam pepatah melayu cakap,
Naik macam ribut, turun macam siput
make it an open float and let the oil companies compete among themselves (maybe i’m to naïve – like what happened in the past with the monthly service charge that telcos imposed on every line, which was subsequently removed). then people will be driving to stations with the best price.
syabas Datuk!
this is what i call a true caring government who has time and time again helped the rakyat in alleviating the increase in costs suffered by many fast developing countries, like malaysia
this is something to be proud of, and we should applaud the good measures done by Datuk Maslan who has worked tirelessly in his tenure as the minister and the genius behind the floating price system
Insha’Allah he will stay for long to come
Arab billionaires are willing to sell it even at US$20 dollars a barrel. Over supply already….. our price should drop further like RM 1.50/liter!
The government is threading very carefully here being caught between a rock and a hard place.
They are reluctant to lower the price perhaps for a few reasons. The government is running on fumes and depend on whatever profit from the sale of petrol (that subsidies bullshit was as it was, bullshit, we have been paying more than cost). They might have also unwisely locked themselves in some futures trading.
The other thing is, if they lower the price too much, they would be in deep trouble come next GE if petroleam price go up. How to raise petrol price during GE campaign????
I suspect even if they released the calculation, there will be so many unknown variables that it would make a suposely transparent calculation completely opaque and meaningless. That is why it takes them so long to release the calculation….. having difficulty to hide things.
Back in June, the world suddenly became aware of the Muslim fundamentalist group called IS. This band of revolutionaries threatened to disrupt Iraq’s oil output, just as that country was beginning to open the taps and sell to the world. OPEC’s estimates of world demand for oil showed that the loss of Iraq’s output would produce a large shortfall in supply. When supply cannot meet demand, prices rise. However, that simplistic view ignored many other factors that were coming into play in the oil market. Speculators talked the market up and encouraged panic buying. That panic pricing lasted long enough for those insiders heavily stocked with oil futures to offload them on the general public….
turun harga susah cam tahi… naik harga cepat cepat…
Prices of fuel for January should be announced and known by now !!!
Didn’t they state at the beginning that prices of the following month will be decided by the average oil prices of the current month between 1 and 19 of the month ????
Why is some official still making assumptions???? Where is the simplified formula ???
I don’t know why this is happening up there, but it doesn’t smell nice !!
Seems it work. Let revise it every week. Ada bran?
petrol price decrease but roti canai price got decrease or not? The answer in no!
Becoz TNB bill price did not decrease. When oil and gas price increase tnb increase rate. Now drop they just keep quiet.