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Wednesday, April 18, 2018

Fuel prices stay

Fuel prices remain unchanged for the fourth consecutive week despite increasing regional fuel prices.

According to the Domestic Trade, Cooperatives and Consumerism Ministry, RON95, RON97 and diesel will continue to retail at RM2.20, RM2.47, and RM2.18 per litre respectively.

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 MYR-USD exchange rate, refineries’ sale prices, operating expenditure, and profit margin for oil companies and petrol dealers, in addition to the Mops benchmark.

According to Mops data provided by the Australian Institute of Petroleum’s (AIP) weekly price reports, the benchmark for RON95 has been increasing steadily over the past few weeks.

However, the government appears to be subsidising the difference by maintaining fuel prices.

The stagnancy in fuel prices comes ahead of the 14th general election which will take place on May 9.

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