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Monday, February 6, 2017

RON95 may hit RM2.70 in June, warns Rafizi

Petrol and diesel prices are expected to rise in the next few months, with RON95 going up as high as RM2.70 per litre in June, warned PKR vice-president Rafizi Ramli.
"If the price of crude oil continues to rise as forecasted, and the ringgit exchange value remains low, I sympathise with Malaysians who may have to pay RM2.70 per litre for RON95 in June," he said in a statement.
To justify his estimates, the Pandan MP cited forecasts by the World Bank and Economic Intelligence Unit that crude oil prices are expected to rise from about US$55 per barrel now to above US$60.
He also cited Russian Oil Minister Alexander Novak, who said crude oil stock piles which initially caused the fall in fuel prices would be depleted by the middle of this year.
As such, he said, the increase to RM2.70 per litre for RON95 is likely to happen unless the government sets a ceiling price for fuel at RM2, and reintroduces fuel subsidies.
The last time RON95 cost RM2.70, he noted, was during Abdullah Ahmad Badawi's time as premier in 2008, when crude oil prices were at US$121 per barrel.
"The RM2.70 price forced onto the people is with crude oil prices at US$60 a barrel - that is half of the global crude oil price when Abdullah set RON95 at RM2.70.
"This shows how much the value of the ringgit has fallen under Prime Minister Najib Abdul Razak's administration," he said.

In light of this, Rafizi urged the public to continue voicing their frustrations by using the #20sen hash tag to avoid such a hike from happening.
Najib's social media accounts were flooded with the #20sen hash tag following the 20sen hike for RON95 this month.
The pump prices for RON95 and RON97 increased to RM2.30 and RM2.60 a litre respectively, while diesel increased by 10 sen to RM2.15.-Mkini

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