Posted by Ricky Kiat > 2015-02-01 11:09 | Report Abuse

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Posted by Hk Wong > 2015-02-01 16:16 | Report Abuse

The retail prices for fuel in the country will be reduced between 11 sen and 23 sen from midnight as the downtrend in global crude oil prices continues, said Deputy Finance Minister Datuk Ahmad Maslan today.

He posted on Twitter that RON95 petrol will be reduced by 21 sen to RM1.70 a litre; RON97 will be priced at RM2 a litre (11 sen drop) and diesel at RM1.70 a litre (23 sen drop).

"Minyak turun lagi mulai 1Feb. Ron95 seliter rm1.70, diesel rm1.70 & ron97 rm2.00. Wang lebih utk belanja lain/tambah pelaburan! (The fuel price has gone down again starting February 1. RON95 at RM1.70, diesel RM1.70 and RON97 RM2. Extra money can be used for other expenses/ investment!)" he said.

In November, Putrajaya announced that it would remove all fuel subsidies effective December 1 and use a managed float method to determine the retail price of fuel.

Through the managed float method, the average change in the product cost will determine pricing on a monthly basis.

However, with oil prices showing no signs of recovery, Malaysians should be able to look forward to cheaper oil prices in 2015.

Ahmad Maslan said last month that the government would continuously monitor the market development of the cost of the products and exchange rates in fixing the retail prices of petrol and diesel.

Yesterday, Pandan MP Rafizi Ramli said the government had been collecting "hidden" fuel taxes, cashing in over RM1 billion since last month.

"Since the managed float system was adopted on December 1 last year until today, the government has collected RM1.149 billion from petrol and diesel taxes," he said.

He added that the people had been paying above market prices for petrol and diesel for the entire month of January because of the price fixing policy by the Federal government.

The PKR secretary-general said that the price for RON95 and diesel on January 1 was RM1.75 per litre. This was after taking into account the cost and profit guarantees given by the government to fuel companies at 32 sen for RON95 and 23 sen per litre for diesel.

The price then dropped to RM1.63 per litre for RON95 and RM1.62 per litre for diesel on January 28, he said, but consumers were paying pump prices of RM1.91 a litre for RON95 and RM1.93 for diesel.

"Because the people are still paying prices higher than the market prices for unsubsidised fuel, Barisan Nasional (BN) is reaping profits by collecting fuel tax without telling the people," he said in a statement today.

For the average fuel prices for February, Rafizi said the government should set the price for RON95 at RM1.62 per litre and RM1.65 for diesel without subsidy.

"Should the government heed the demand of PKR to subsidise fuel, the prices should be RM1.32 per litre for RON95 and RM1.35 per litre for diesel," he said, adding that should the prices be different, "then the relevant minister must explain how the prices for both types of fuel are calculated.

"We came up with these prices based on the same formula used by Barisan Nasional and the MOPS (Means of Platt Singapore) market prices," he said. – January 31, 2015.
- See more at: http://www.themalaysianinsider.com/malaysia/article/futher-drop-in-fuel-prices-from-tomorrow#sthash.SwIbebFd.dpuf