Reveal petrol price sums, Putrajaya urged
Putrajaya has been urged to reveal its method in calculating the price of petrol and diesel under the managed float system.
Putrajaya has been urged to reveal its method in calculating the price of petrol and diesel under the managed float system.
At present, Pandan MP Rafizi Ramli said the pricing method, which includes profit guarantees for oil companies, is opaque.
This comes after diesel price under the managed float increase by three sen to RM2.23 despite falling global oil price.
“Therefore PKR demands that the federal government publish the reference market price for RON95, RON97 and diesel based on the Means of Platts Singapore (Mops) as well as other costs included in the calculation of their prices in Malaysia,” he said in a statement today.
For example, he pointed out that the RON95 retail price in Malaysia under the managed float is higher than the market price as oil companies have been guaranteed a total of 30 sen profit margin and cost reimbursement.
“Only with transparency can BN set aside the rakyat’s perception that it is raking in profit by setting a higher oil price even though the global oil price has plummeted,” he said.
The retail price for RON95 fell by four sen to RM2.26 while RON97 dropped by nine sen to RM2.46.
He added PKR has formed a committee to monitor the Mops price and relevant profit margins guaranteed by the government.
Rafizi ( right ) said the price of Brent crude oil had slid 35.2 percent from its peak of US$105, while its average price for November is US$76, down 27.6 percent.
“Therefore, if the price of Brent crude oil has fallen between 27 percent and 35 percent, surely the price of RON95, RON97 and diesel should not differ from that range.
“Unfortunately, BN’s announcement only saw a reduction of one percent for RON95, 3.5 percent for RON97 while diesel even increased by one percent,” he said.
Rafizi said the wide gap between the retail price and market price raised many questions, particularly since the government claimed the prices are based on market price.
As such, he reiterated that the campaign to reduce fuel prices will stay and vowed to go ahead with the Dec 31 protest to demand for lower fuel prices.
Related stories
MP: Will subsidy return when oil price rebounds?
Tony: Cheaper fuel prices to allow for lower airfares
Shares sink on Petronas’s plan to cut capex
