Most Read
Most Commented
Read more like this
mk-logo
News
RON95 29sen cheaper if not for ringgit fall
Published:  Jul 31, 2015 3:27 PM
Updated: 6:34 PM

The RON95 petrol would be 29 sen per litre cheaper if not for the crashing ringgit due to poor sentiments towards the state of the country's economy, PKR vice-president Rafizi Ramli said today.

Rafizi said this was based on Malaysia's ringgit exchange rate of RM3.212 in August last year, compared to RM3.766 as of July 1 this year.

"This means if the currency maintained its August 1, 2014, level, the price of RON95 according to the government's formula would be only RM1.86 per litre, compared to RM2.15 per litre now, based on the current price of crude oil in the market," he said in a statement.

Rafizi ( photo ) urged the government to institute a 30sen subsidy on RON95, RON97 and diesel, pointing out that Malaysians were paying more not because of global oil prices but due to the weak currency.

He also urged the government to be transparent in its fuel price calculations by making them public.

Rafizi calculated that the price of RON95 would be maintained at RM2.15 per litre while diesel and RON97 should go down by 20sen from RM2.05 and RM2.55 respectively.

"If the price announced by the government for Aug 1 is higher than these prices, it means the government will be collecting hidden tax as the price would be higher than what was determined, using the government's formula.

"If the announced price is lower, that would mean the government is re-instituting subsidy to lower fuel price," he said.

The fuel price for August is expected to be announced tonight

ADS