Malaysiakini News

Are fuel prices unchanged because of GE14, asks Harapan

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Despite the high global crude oil price, did local fuel prices remain unchanged over the past five weeks due to the May 9 general election, asked PKR today.

Its president Dr Wan Azizah Wan Ismail, in a statement, said the consistent pricing showed that the government could stabilise petrol and diesel prices if it wanted to.

"The retail price announced earlier this week for RON95 and RON97 petrol as well as for diesel saw no changes. This despite the price of Brent crude oil being at its highest since November 2014.

"This raises the question whether local petrol and diesel prices have not changed for five consecutive weeks due to the 14th general election on May 9?" she asked.

"The price retention also shows that petrol and diesel prices can be stabilised," she added.

She reiterated that Pakatan Harapan would stabilise fuel prices and reintroduce targeted subsidies within 100 days should the coalition form the government after the election.

"This is in line with the core of Harapan's administration which is to lighten the burden of the people's suffering."

According to the announcement by the Domestic Trade, Cooperatives and Consumerism Ministry yesterday, the retail prices of RON95, RON97, and diesel will remain at RM2.20, RM2.47, and RM2.18 per litre respectively until next Wednesday.

The prices have remained the same since March 22.

The weekly fuel price system was implemented on March 30 last year and is calculated based on regional benchmark prices provided by Means of Platts Singapore (Mops).

Under the government’s Automatic Pricing Mechanism (APM), the final retail price accounts for the exchange rate between the ringgit and US dollar, refineries’ sale prices, operating expenditure and the profit margins for oil companies and petrol dealers in addition to the Mops benchmark.

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