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PETALING JAYA: Retail petrol prices in Malaysia are based on pricing of the refined product, not that of crude oil, said the Barisan Nasional Strategic Communication Team.
It said that Malaysia was using the Singapore Means of Platts pricing for petrol and diesel, which was public information.
The average price for Singapore’s MOPS MOGAS 95 unleaded petrol was between US$69 (RM305.84) and US$70 (RM310) per barrel last month, marginally higher than the price range of US$62 (RM274.81) and US$68 (RM301.21) in December last year.
“It was widely reported over the past several months that oil refineries in South-East Asia had enjoyed higher pricing and margins due to an unusually higher than normal number of refineries around the world shutting down from fires and for major maintenance work.
PKR chief Datuk Seri Dr Wan Azizah Wan Ismail and DAP national publicity secretary Tony Pua had slammed the 20 sen price increase for RON95 and RON97, and the 10 sen increase for diesel.
Both said that there was no basis for the price increases because the average price of crude oil declined slightly while the ringgit appreciated marginally against the US dollar in January.
With a managed float system, the Barisan Strategic Communication Team said Malaysians do have to bear with higher petrol prices when global prices increased.
It recalled that Malaysia’s RON95 price was RM2.30 per litre in October and November 2014.
However, Malaysians have benefited from a prolonged period of low refined-petrol prices over the past two years, when it was as low as RM1.60 per litre.
“Knowing that it is a managed float system, it is ridiculous that Opposition leaders blame the Government when petrol prices increase due to global market price increases. But when petrol prices reduce, they claim this is due to global prices and give no credit to the Government,” it said.
Malaysia started using a managed float system to determine the price of retail petrol and diesel in 2014, to reduce blanket subsidies.
It noted that pump prices in Malaysia was still the cheapest in South-East Asia, except in Brunei, and the 15th cheapest among 180 countries.
Read more at http://www.thestar.com.my/news/nation/2017/02/02/retail-petrol-prices-not-linked-to-crude-oil-pricing-clarifies-team/#D1Abjf0eoQBQg6rI.99
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