September 3, 2016
Dateline 2016-08-04, Borneo Post Online:
The retail prices of petrol and diesel for the month of August are set under the managed float mechanism as promised by the government with no hidden taxes involved, says Second Finance Minister Datuk Johari Abdul Ghani.
He was responding to claims by opposition MP Rafizi Ramli that oil prices are manipulated to enable the government to collect ‘hidden taxes’.
Speaking to reporters at a Hari Raya Aidilfitri function organised by Perbadanan Nasional Bhd here yesterday, Johari said the prices of RON95 and RON97 petrol for August were maintained at RM1.75 and RM2.10 a litre respectively while diesel price was raised by 10 sen to RM1.80 a litre.
Johari said although crude oil prices on the market were quite high in June and July, the government did not raise retail oil prices for the two months out of concern and consideration for the people.
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Posted by Wata
November 19, 2015
Putrajaya gets told a lot, don’t you think?
Dateline 2015-10-13, TMI:
Pakatan Harapan today urged Putrajaya to revamp the formula to determine local fuel prices by switching the reference currency from the US dollar to the ringgit. This, they said, would protect Malaysians from high fuel prices because of the continuous drop in the value of the ringgit in recent months.
“The formula to determine the actual true and fair price of fuel is the cost of crude oil and its processing to refine it to RON95 added with the guarantee of profit to oil companies,” Rafizi Ramli, who is PKR secretary-general, said in a press conference today
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Posted by Wata
November 7, 2015
Whine, whine. Remember, this is post-Budget 2016.
Dateline 2015-10-01, TMI:
Putrajaya must explain the petrol price hike this month, when global crude oil price continues to fall, DAP Socialist Youth (Dapsy) said today.
The party Youth wing’s publicity chief, Junz Wong, said there was no reason for the government to raise the fuel price by 10 sen per litre.
“Brent crude oil price closed at US$48.20 a barrel yesterday, according to Reuters, about 10% lower than last month.
“Malaysians should be looking forward to cheaper oil prices in 2015 as there were no signs of recovery in the price of oil,” said Wong in a statement today.
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Posted by Wata
August 20, 2015
Dateline 2015-07-02, Malaysiakini:
Petrol prices at the pump have gone up by 10 sen to RM2.15 per litre for RON95 and 20 sen to RM2.55 for RON97 for the month of July 2015. This is despite the price of Brent crude oil per barrel trending downwards for the month of June 2015 versus May 2015.
However, retail petrol prices have gone up because the price of Brent per barrel is only one component out of several which go into the calculation of the Mean of Platts Singapore (MOPS) benchmark price which is used under Malaysia’s managed float system which came into place on Dec 1, 2014.
From then onwards, retail petrol prices are set based on a month-to-month basis based on an average of MOPS prices plus a fixed margin for oil companies and retailers.
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Posted by Wata
February 10, 2015
Reaaally?
Dateline 2014-11-25, Malaysia Reserve:
The government will intervene and re-introduce fuel subsidy if world oil prices rise again, says Deputy Finance Minister Datuk Chua Tee Yong.
He said the government has not abandoned its three-tiered fuel subsidy mechanism and that the targeted subsidy system for fuel is still being finalised by the Ministry of Domestic Trade, Cooperatives and Consumerism.
Chua’s statement came on the heels of the government’s announcement last Friday that the fuel subsidy for non-premium RON95 petrol and diesel would be abolished on Dec 1 and the fuel would be priced based on the monthly average world price of crude oil on a floating mechanism.
The move coincided with the falling global crude oil prices, which is expected to continue for some time.
Chua said yesterday that the government will remove the floating fuel price for RON97 and imposed the three-tiered subsidy mechanism if the global crude price hits the government’s target price.
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Posted by Wata
February 7, 2015
Weren’t dealers complaining recently that they were not making enough money?
Dateline 2014-11-24, The Malaysian Insider:
The government’s move to scrap the fuel subsidy and base the prices of RON95 petrol and diesel on a managed float system starting next month means that the rakyat will have to bear the extra burden of guaranteeing the profits of oil companies and petrol dealers, a PKR lawmaker said today.
Party secretary-general Rafizi Ramli said this was because under Malaysia’s version of the managed float system, about 30 sen was padded into the per litre cost of petrol and diesel, which was for profits guaranteed to oil and gas companies and petrol dealers.
This covers their costs of transportation, distribution, marketing and operations and also protects them from global price fluctuations.
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Posted by Wata
December 20, 2014
Dateline 2014-10-14, Malaysia Reserve:
The government expects to cut down substantially its fuel subsidy bill with the proposed fuel price mechanism that could differentiate between eligible and non-eligible buyers at the pump.
Finance Ministry Secretary General Tan Sri Dr Mohd Irwan Serigar Abdullah said the fuel subsidy mechanism that will be introduced before the end of the year will weed out those not eligible for subsidy.
Under the present blanket fuel subsidy, non-eligible motorists including foreign vehicles are also enjoying the subsidy.
Mohd Irwan said the recent reduction of 20 sen per litre in fuel subsidy will save the government about RM1 billion per month from October, which translates to RM4 billion in total for 2014.
“We do not expect to collect as much savings from that unless we introduce this new and more targeted fuel subsidy mechanism soon,” he said in Kuala Lumpur yesterday.
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August 22, 2013
Dateline 2013-07-18:
Malaysia’s fuel prices are among the lowest in the world, Deputy Finance Minister Datuk Seri Ahmad Maslan told the Dewan Rakyat today.
Only seven other nations — Venezuela, Saudi Arabia, Kuwait, Egypt, United Emirates, Iran and Nigeria — sold fuel at prices lower than Malaysia.
In his winding-up speech of a supplementary bill, Mazlan said Malaysia was able to sell cheaper fuel because of the significant subsidy borne by the government.
He was answering to questions by several members of parliament on why the country’s fuel prices remained high although Malaysia is one of the main oil and gas players.
“The reason for this is because of the subsidy that the government provides to help ease the burden of the people.”
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Posted by Wata
October 1, 2012
Y’know, a while back they actually included how much tax was waived. I think the amount is the same as or more than the subside.
Maybe the powers that be decided that showing that information is an oops? Get the relevant act here.
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Posted by Wata
April 8, 2011
Dateline 2011-03-24:
MALAYSIA should not have any problem funding the extra subsidy cost due to higher oil prices but it could become a challenge if prices stayed too high for too long.
This would mean prices of about US$150 (RM454.5) a barrel, said Standard Chartered (StanChart) Bank economist Alvin Liew.
The government has pledged to absorb the extra subsidy from higher oil prices, although the subsidy bill could jump to more than RM14 billion if prices continue to rise.
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Posted by Wata
Wata - Malaysian Oil and Gas Engineer 