After three months of price drops, fuel up 25 sen tomorrow
The Malaysian Insider – Sat, Feb 28, 2015Related Content
After three months of price drops, fuel up 25 sen tomorrow
Retail prices of fuel will go up from midnight tonight, with RON95 at
RM1.95 a litre and RON97 at RM2.25 a litre, three months after Putrajaya
cut fuel subsidies for a managed float pricing system in Malaysia.
Diesel will also be sold at RM1.95 a litre, a statement by the Domestic
Trade, Cooperatives and Consumerism Ministry announced through Bernama
said.
steadyaku47 comment: This is what is happening elsewhere!
Petrol prices expected to continue to fall for weeks amid increased competition, NRMA says
Petrol prices are continuing to fall with some outlets selling fuel at the lowest price in more than five years.
Motoring
group NRMA said the oversupply of oil due to increased competition
around the world was dropping the price of petrol at the bowser.One Sydney retailer was leading the charge, dropping the price of Unleaded E10 to 99.9 cents per litre yesterday - a price Sydney has not seen since December 2009.
West Texas intermediate crude oil dipped another 4 per cent to $US47.93 a barrel, its lowest level in several years overnight, driving yet another round of losses on Wall Street.
An oversupply of oil and a US currency strengthened by worries about the eurozone have driven the oil price down by more than half since June.
NRMA spokesman Peter Khoury said the international conditions making prices lower at the bowser was welcome news for motorists.
"What we've seen basically and we haven't seen this for a very long time is oversupply," he said.
"The United States has increased production consistently now for some time. Saudi Arabia is trying to match that by maintaining its levels of production. So you've got more oil on the market than what we're using.
"As a result prices are low and they're low in time for the holidays which is great news."
Earlier this week CommSec economist Craig James said Australian retail and wholesale prices were now matching the falls in the benchmark Singapore refinery prices and there was little scope for further price falls unless oil prices kept sliding.
However, Mr Khoury from the NRMA said motorists should expect relief to the bowser for weeks to come.
"We expect the prices to continue to fall. The average price in Sydney right now is $1.12 and we think there's at least two or three cents a litre that could be shaved off that," he said.
"There's nothing internationally to suggest that prices are going to suddenly turn. Certainly in the next two or three weeks we expect these prices to continue.
"It's a very volatile industry and it's very difficult to predict beyond that."
Across the US petrol prices have plummeted in recent weeks, in some places to as low as 46 cents a litre.
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