After 4 consecutive weeks of increases in petrol prices, it seems that the effect of lower oil prices on the global markets has reached Malaysia. For the next 7-day cycle starting after midnight tonight, pump prices will remain unchanged so you will continue paying the same amount per litre – RM2.15 for RON95 and RM2.43 for RON97 (Euro-4M).

For those with diesel vehicles, you will pay just a bit less – 3 sen per litre – for your fuel. That means it’s RM2.01 per litre for Euro-2M diesel and RM2.11 for Euro-5 diesel.

An oil refinery in Terengganu

In response to questions as to why pump prices in Malaysia have been slow to come down, the Domestic Trade, Cooperatives and Consumerism minister said that there is no deliberate to set prices higher. He explained that the ministry’s method of calculation refers to several formulas and the strength of the Malaysian currency, not just global market prices of oil.

“The weekly changes are based on the global market prices. If the global oil prices drop today, we don’t necessarily lower the prices tomorrow because the calculation method in determining the retail prices is based on the average (world) prices for a week,” he said recently.

[Chips Yap]

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