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KUCHING, July 1, 2015:

Petronas believes crude oil price is stabilising and would not fall further from its current level.

Chairman Tan Sri Sidek Hassan said following the drop of more than half the price it was last year, it could be time for the price to bounce back.

“Alhamdullilah, we hope the price goes up again as it will bring good for Petronas and the nation,” said Sidek after attending the Petronas announcement on its contribution to the state here today.

Crude oil price in June last year stood at US$150 (RM562.10) per barrel before it dropped between US$62 (RM232.33) and US$64 (RM239.83) per barrel this month.

“This drop has a significant impact on us and I suppose in the context for the consumers, the price at the pump needed to go higher.”

When asked to explain on the connection between the drop in the crude oil price and the increase of RON95 and RON97, which had gone up by 10 sen and 20 sen respectively today, Sidek said this falls under the government prerogative.

“At Petronas, we only produce the commodity and the government sets the prices at the pump as floating in accordance with the market.”

Meanwhile, Petronas senior vice-president of Upstream Malaysia Datuk Anuar Taib added that the price change was “beyond control”.

“It has been agreed on by the government to tag the price at the pump to the market.

“So when the market moves a little bit or comes down again, it will follow suit but in the long run it will reach a point where it will even out.”

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