It’s that time of the month again where we all speculate whether the petrol will increase by a few cents, decrease or remain the same.
While we wait for the new fuel price to be announced tonight, Vice-President and Secretary-General of the People’s Justice Party (PKR), Rafizi Ramli said that if it is not because of the falling Ringgit, Malaysian motorists could enjoy a 29 cent decrease for RON95 fuel price in August this year.
Rafizi Ramli said that the Ringgit value in August this year as compared to 1st July last year against the U.S dollar is RM3.766 as compared to RM3.212.
He was quoted saying, “If the currency rate stayed the same as of 1 August 2015, the price of RON95 according to the government should be RM1.86 per litre as compared to the current RM2.15 per litre based on the same market price of crude oil”
“If there’s no price change on crude oil, the weakening Malaysian Ringgit from RM3.212 on 1st August 2014 to RM3.766 on 1st July this year has caused the citizens to pay RON95 for RM2.15 per litre instead of only RM1.86 per litre.
Rafizi also suggest that the government should make the schedule calculation used to establish the new price at the beginning of the month transparent so that there are ‘no hidden taxes collected from the citizens’.
Apart from that, he also urges the government to implement the previous fuel subsidy of 30 cents for every litre of RON95, RON97 and diesel to the current crude oil price to lower the burden Malaysian motorist due to the weakening Ringgit.
UPDATE: RON95, RON97 and diesel prices will decrease by 10 sen starting 1st August 2015. Click here for the new fuel price.