Tag: RON95

Malaysia’s RON95 Fuel Price Remains Lower Than Saudi Arabia, Qatar – PM Anwar

KUALA LUMPUR, July 14 -- Prime Minister Datuk Seri Anwar Ibrahim said Malaysia’s retail fuel prices remain lower compared with several major oil-producing countries, including Saudi Arabia and Qatar, despite global economic uncertainties. Anwar said the subsidised RON95 petrol price under the BUDI MADANI initiative is currently maintained at RM1.99 per litre, while petrol prices in Saudi Arabia have exceeded RM2.40 per litre. He said the comparison showed that the government remains committed to ensuring fuel remains affordable for Malaysians, while continuing to provide targeted assistance to the people. “Fuel prices in Malaysia are lower than those in Qatar and Saudi Arabia. That is a fact that must be remembered,” he said during the question-and-answer session in the Dewan Rakyat today. Responding to a supplementary question from Datuk Rosol Wahid (PN-Hulu Terengganu) on fuel prices during the previous administration and his earlier pledge, while in the opposition, to reduce petrol prices, Anwar said fuel costs must be viewed based on the current economic environment. He pointed out that when there were calls previously to reduce petrol prices to RM1.50 per litre, Saudi Arabia’s fuel price at that time was around 50 sen per litre. However, current prices in Saudi Arabia, Qatar and the United Arab Emirates (UAE) are now higher compared with Malaysia. Anwar said the UAE, despite being a major oil-producing nation, had also increased fuel prices recently due to changing global market conditions. The Prime Minister stressed that fuel prices should not be assessed in isolation, as the government’s overall support measures include various forms of assistance such as the Sumbangan Tunai Rahmah (STR), Sumbangan Asas Rahmah (SARA), RON95 fuel subsidies and the BUDI Diesel programme. “Overall, the assistance provided is much greater than before. However, I do not want to compare because circumstances differ and the country’s revenue situation was also different,” he said. Anwar added that the government remains open to constructive suggestions on improving fuel-related policies, while ensuring economic stability and protecting the welfare of the people. Earlier, Rosol had asked the government to explain its assessment of the impact of the prolonged crisis in the Strait of Hormuz and measures taken to reduce its effects on Malaysia. In response, Anwar said the government is focusing on ensuring adequate fuel supplies, controlling the prices of essential goods, supporting micro, small and medium enterprises (MSMEs), and strengthening the country’s economic resilience. He said allocations for STR and SARA had been increased to RM15 billion this year, benefiting more than nine million recipients nationwide. The Prime Minister added that geopolitical tensions in West Asia and disruptions to major trade routes, including the Strait of Hormuz, continue to pose challenges to both the global and Malaysian economies. -- MINUTESMY

KUALA LUMPUR, July 14 — Prime Minister Datuk Seri Anwar Ibrahim said Malaysia’s retail fuel prices remain lower compared with several major oil-producing countries, including Saudi Arabia and Qatar, despite global economic uncertainties. Anwar said the subsidised RON95 petrol price under the BUDI MADANI initiative is currently maintained at RM1.99 per litre, while petrol prices […]

Ministers Hail Strategic Gains Of PM Anwar’s Russia, Turkmenistan Visits

KUALA LUMPUR, June 22 -- Prime Minister Datuk Seri Anwar Ibrahim's official visits to Russia and Turkmenistan have been described as a significant step in strengthening Malaysia's international relations and unlocking strategic opportunities that will benefit the country and its people. Housing and Local Government Minister Nga Kor Ming said one of the key outcomes was Russia's commitment to provide long-term oil supplies to Malaysia for up to 20 years, a move expected to enhance the country's energy security and economic stability. “The MADANI Government's strategy of diversifying energy sources is crucial to ensuring sufficient supply and sustaining the BUDI MADANI RON95 programme while maintaining the subsidised RON95 petrol price at RM1.99 per litre. “All Malaysians will benefit from this achievement by the Prime Minister,” he told Bernama. Nga, who is also the Teluk Intan MP, said Anwar's success in securing Turkmenistan's confidence in appointing Petronas as operator of one of the world's largest gas fields was another breakthrough. “This development could further strengthen Petronas' global standing. As a Fortune Global 500 company currently ranked 139th, it has the potential to move closer to the top 100 if this opportunity is managed effectively,” Nga said. Meanwhile, Human Resources Minister Datuk Seri R. Ramanan said the Prime Minister's visits to Kazan and Turkmenistan were important in deepening strategic cooperation, particularly in trade, investment, energy and human capital development. “We are proud that, through stronger bilateral ties, Petronas has been entrusted to operate one of the world's largest gas fields in Turkmenistan. “This not only demonstrates the ability of Malaysian companies to compete and lead globally, but also elevates Malaysia's standing as a respected player in the international energy sector,” he said. The Sungai Buloh MP said the development was expected to generate economic benefits for Malaysia while creating opportunities for collaboration in technology, skills development and high-skilled workforce training. Anwar's two-day working visit to Kazan marked a significant milestone in Malaysia-Russia relations, with both countries agreeing to strengthen cooperation in energy security, trade, investment, tourism and technology. A key outcome of the visit was Russia's commitment to ensuring long-term supplies of petrol, oil and gas to Malaysia. Anwar said the arrangement would bolster the country's energy security through stable multi-year agreements rather than annual or seasonal renewals. Following his visit to Kazan in Russia's Republic of Tatarstan, Anwar travelled to Turkmenistan, where agreements reached with the government paved the way for Petronas to participate in the development of a major gas field in the country, which possesses some of the world's largest natural gas reserves. Anwar was quoted as saying that Petronas' success in securing the project reflected international confidence in Malaysia's capabilities, political stability and the professionalism of its home-grown companies. -- BERNAMA  

KUALA LUMPUR, June 22 — Prime Minister Datuk Seri Anwar Ibrahim’s official visits to Russia and Turkmenistan have been described as a significant step in strengthening Malaysia’s international relations and unlocking strategic opportunities that will benefit the country and its people. Housing and Local Government Minister Nga Kor Ming said one of the key outcomes […]

Retail Prices Of Petrol, Diesel To Drop From Tomorrow Until June 3

KUALA LUMPUR, May 27 -- The retail prices of RON95 and RON97 petrol have been reduced by 15 sen and 20 sen per litre respectively, while the price of diesel in Peninsular Malaysia has been reduced by 10 sen per litre for the period from May 28 to June 3. The Ministry of Finance (MOF) in a statement today announced that the retail price of RON95 petrol has been reduced to RM3.92 per litre from RM4.07, RON97 to RM4.65 from RM4.85, while diesel in Peninsular Malaysia has been reduced to RM4.87 from RM4.97. According to the ministry, in line with the Automatic Price Mechanism (APM) formula, the retail prices of petrol and diesel for the week in question were reduced following the decline in the average international market price in the previous week. “However, this decline does not indicate that the pressure on the global petroleum market has subsided as market uncertainty following the conflict in the Middle East that has lasted for more than 12 weeks still persists. “In addition, the damage to oil production and refining facilities in the Middle East will require a long period of time to recover,” the statement said. Meanwhile, MOF said the MADANI Government continues to maintain the price of subsidised petroleum products in a targeted manner to preserve the livelihood of the people and the operations of certain sectors in the uncertain global market conditions. The subsidised prices maintained are RON95 through BUDI95 at RM1.99 per liter, diesel in Sabah, Sarawak and Labuan (RM2.15), while for the Subsidised Petrol Control System (SKPS) and the Subsidised Diesel Control System (SKDS) at RM2.05 and RM2.15 per litre respectively. According to MOF through BUDI95, the government continues to maintain the subsidised RON95 price for more than 14 million eligible recipients, with more than 90 per cent of the total fuel consumption in the country involving subsidy recipients. “At the current unsubsidised RON95 price of RM3.92 per litre, the consumption of 200 litres will cost RM784. This means that the MADANI Government will bear RM386 for each recipient who uses the full BUDI95 entitlement. “Through the monthly eligibility ceiling of up to 200 litres, BUDI95 recipients will only pay up to RM398 per month for the full use of the entitlement,” the statement said. MOF said to balance the cost of living and fiscal expenditure needs prudently, the government will continue to take a targeted approach to protect the people from fuel price fluctuations, in addition to ensuring that the country’s supply remains sufficient and secure. Meanwhile, the government calls on the people to practise fuel consumption prudently through more efficient travel planning and reducing unnecessary travel to help ensure that the country’s supply continues to be secure in the current uncertain global market conditions. -- BERNAMA

KUALA LUMPUR, May 27 — The retail prices of RON95 and RON97 petrol have been reduced by 15 sen and 20 sen per litre respectively, while the price of diesel in Peninsular Malaysia has been reduced by 10 sen per litre for the period from May 28 to June 3. The Ministry of Finance (MOF) […]

Targeted Subsidies Shield The Public From Global Energy Crisis Impact – Amir Hamzah

KUALA LUMPUR, April 10 -- The government has created a buffer by maintaining targeted subsidies for RON95 and diesel at fixed prices, while aligning the prices of non-subsidised fuel with market rates to shield the public from the direct impact of the global energy crisis. Finance Minister II Amir Hamzah Azizan said the measure is crucial to protect critical sectors, including fishermen, public transport and eligible logistics vehicles, which continue to enjoy diesel at controlled rates. “Critical sectors that still benefit from subsidised diesel, such as fishermen, continue to receive diesel at RM1.65. “For land public transport vehicles, including school and express buses, ambulances and fire engines, the price is RM1.88 per litre, while eligible logistics vehicles and users in Sabah and Sarawak pay RM2.15 per litre,” he said at a global energy crisis briefing today. He said current global price pressures stem from low supply relative to high demand, security threats, as well as rising shipping and insurance costs. Amir Hamzah said Malaysia’s fuel supply is more robust compared with other countries, with Petroliam Nasional Bhd (Petronas) and several other oil companies managing the nation’s resources responsibly. “We can see this through petrol stations that continue to operate. Malaysians can still purchase fuel. Some countries have already imposed rationing, and hundreds of petrol stations elsewhere have been closed due to supply shortages,” he said. He said the crisis should be viewed as an opportunity for Malaysia to continue strengthening its economic resilience and to seize the chance to become a more dynamic and progressive society. “The people play an important role. This is the time for us to set aside our differences and choose unity in facing the crisis, including practising moderation in our daily lives. “The government’s priority at this time is to ensure sufficient supply of fuel, energy, essential goods and medicines for the rakyat. At the same time, the government is striving to safeguard the national economy and protect the people,” he said.

KUALA LUMPUR, April 10 — The government has created a buffer by maintaining targeted subsidies for RON95 and diesel at fixed prices, while aligning the prices of non-subsidised fuel with market rates to shield the public from the direct impact of the global energy crisis. Finance Minister II Amir Hamzah Azizan said the measure is […]

PM Anwar Seeks S’wak Cooperation In Tackling Diesel Smuggling

KUCHING — The federal government is seeking Sarawak’s cooperation to curb diesel smuggling at state borders. Prime Minister Datuk Seri Anwar Ibrahim said he has asked Sarawak Premier Tan Sri Abang Johari Tun Openg to cooperate with enforcement agencies, including the Ministry of Domestic Trade and Cost of Living (KPDN). “This is because diesel prices […]