Price of RON97 will fluctuate every month, says minister

By RAHIMY RAHIM

SOURCE: The Star Online

PETALING JAYA: The price of RON97 petrol will be determined at the end of each month due to the managed float of oil price, says Domestic Trade, Consumerism and Co-operatives Minister Datuk Seri Ismail Sabri Yaakob.

“We will calculate the average oil price from the 1st to the 27th of each month and the average price will determine the price for the next month,” he said after launching Bank Rakyat i-Debit card Tuesday.

The price of RON97 increased by 10 sen to RM2.50 per litre, earlier this month.

Ismail Sabri said this would mean that the price of RON97 would fluctuate every month as it depended on the price of crude oil in the global market.

The RON97 petrol price also rose by 10 sen per litre to RM2.40 on Jan 4.

http://thestaronline.tv/v/6663


That's all folks, thanks for having the time and patience to read this blog entry.

 

RON97 up 10 sen/L at midnight, sources say

RON97 up 10 sen/L at midnight, sources say
Malaysian Insider, January 31, 2011

RON97 is subject to a managed float. — Reuters pic

KUALA LUMPUR, Jan 31 — The price of RON97 petrol will be increased by 10 sen to RM2.50 effective midnight, according to industry sources.

The price of the premium fuel was last raised on January 4, also by 10 sen.

The government announced on July 16 last year that the price of RON97 will be subjected to a managed float to reflect the price of oil on the global market.

The latest increase will, however, not affect other fuels.

The base grade RON95 petrol remains at RM1.90 per litre, diesel at RM1.80 per litre, and LPG at RM1.90 per kg. The government currently subsidises 30 sen of the RON 95 fuel cost.

The Najib administration has opted to gradually slash subsidies as a way to reduce government deficit.

The government’s Performance Management and Delivery Unit (Pemandu) had said last year that savings from fuel subsidy cuts amounted to about RM3 billion last year. This number will rise to RM14 billion this year, RM21 billion in 2012, RM29.5 billion in 2013, and RM35 billion in 2014.

RON97 and kerosene up 10 sen per litre effective today

RON97 and kerosene up 10 sen per litre effective today

UPDATED @ 11:17:28 PM 04-01-2011

SOURCE: Malaysian Insider

January 04, 2011

KUALA LUMPUR, Jan 4 — The prices of RON97 petrol and kerosene will be increased by 10 sen respectively effective midnight, said Petrol Dealers Association of Malaysia (PDAM) president Datuk Hashim Othman.

With the increase, RON97 petrol will cost RM2.40 per litre (previous RM2.30)while kerosene will be sold at RM2.50 per litre.

Hashim, when contacted said that he was informed about the increase by the authorities, tonight.
The government announced on July 16 last year that the price of RON97 will be subjected to a managed float to reflect the price of petrol in the global market.

The last time price of RON97 went up was on Dec 1, 2010 when there was a 15 sen increase.
Today’s increase will however, not affect RON95 petrol that remains at RM1.90 per litre, diesel RM1.80 per litre and LPG RM1.90 per kg.

According to a report today, oil produced by the Organization of the Petroleum Exporting Countries (OPEC) increased to US$89.79 at the start of the week. — Bernama.

My opinion:  

Hey, IT"S NOT EVEN REACHING US$100 mark yet...  Why increase again?  Note that in 2008, it touched US$140+ mark.  WHAT IF IT REACHES its peak again? 

I shudder to think when Oil hits USD140 again. Thats equal to RM3.60 a litre on Ron 97 if on the same scale of movement.

 

Very disappointed...  That's all I can comment...