Malaysia – Petrol price up 25cents? What’s going on?


HELLO MALAYSIA! ….I don’t get it! I know the world we live in is super crazy…but putting up the petrol price instead of down under the current world oil scenario??? The govern-me_nt has gone bonkers alright….or maybe its me!

The Malaysian Insider

After three months of price drops, fuel up 25 sen tomorrow

petronas

Petrol price going up. The Domestic Trade, Cooperatives and Consumerism ministry today announced a 25 sen increase for RON95, RON97 and diesel fuel. – The Malaysian Insider file pic, February 28, 2015.

.

Retail prices of fuel will go up from midnight tonight, with RON95 at RM1.95 a litre and RON97 at RM2.25 a litre, three months after Putrajaya cut fuel subsidies for a managed float pricing system in Malaysia.

Diesel will also be sold at RM1.95 a litre, a statement by the Domestic Trade, Cooperatives and Consumerism Ministry announced through Bernama said.

The new price is a 25 sen increase over February’s prices which were set at RM1.70 per litre for both RON95 and diesel, and RM2 per litre for RON97.

The increase is expected due to a rise in crude oil prices, after a slump last year and into the new year.

February’s prices had seen a drop by 21 sen and 11 sen, for RON95 and RON97, respectively, from January.

Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hasan Malek said in a statement released this evening, that the price was determined based on the average cost price of the product during February 2015 and currency exchange rates.

“The government will monitor the development of the market price of the products’ costs and currency exchange rates every time to set the retail price of petrol and diesel for the following months,” Bernama quoted Hasan as saying.

The minister reminded all oil companies and petrol station operators to comply with the new pricing.

“Stern action will be taken against those who violate the rules relating to the new prices set by the government,” he added. Continue reading….


 

In a related event…. at down under the petrol price went down two days ago??

Shell reduces petrol prices by 2 cents

ShellOIL giant Shell reduced its petrol pump prices by 2 cents.

On Tuesday, consumer watchdog Con­sumers Association of Singapore (Case) said that oil companies were “profiteering” from the recent Government petrol duty hike.

Shell’s 95-octane grade now costs S$2.02 (RM5.38) a litre before discount, while its 98-octane grade is priced at S$2.26 (RM6.02) per litre. The company’s premium V-Power costs S$2.63 (RM7) a litre. Continue reading…


 

World oil prices

oil prices

…???

..

home

 

Advertisements

One thought on “Malaysia – Petrol price up 25cents? What’s going on?

  1. Pingback: Very oily business | Satu Insan – Malaysia

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s