KUALA LUMPUR, April 30, 2015:
The Ministry of Domestic Trade, Cooperatives and Consumerism today said there’s no price increase for RON95, RON97 and diesel for May.
The prices will be unchanged for the third consecutive month, with RON95 petrol remaining at RM1.95 per litre, RON97 at RM2.25 per litre and diesel at RM1.95 a litre.
It is unclear as to how the government has managed to keep the fuel pump prices steady as the benchmark Brent crude oil price is now trending at around US$66 (RM234.20) per barrel this month compared to the average of US$55 in March.
The ringgit’s value against the US dollar hasn’t changed much from end-March – a factor that is also taken into consideration when setting the fuel pump pricing.
It is also unclear if the market price managed float pricing formula has been adjusted this month and exact details for this formula has yet to be made public as per the promise made when the fuel subsidy was scrapped as of Dec 1 last year.
Also read:15 sen fuel price rise likely in May