PETALING JAYA - Pakatan Harapan urged Putrajaya today to use local costings to set fuel prices instead of the current system of referencing Singapore prices in US dollar amid a ringgit plunge, claiming that Malaysians should be paying RM1.70 for RON95 instead of the current RM2.05 retail price.
PKR secretary-general Rafizi Ramli said most of Malaysia's refined oil products are processed locally and that "a good portion" of crude is sourced from local fields, the costs of both of which are set in ringgit.
“Since the 1980s, the Barisan Nasional (BN) government has been using reference prices from Singapore in USD to determine the cost of crude oil and refining crude, even though more accurate information can be obtained directly from petroleum companies in Malaysia,” Rafizi told a joint press conference at the PKR headquarters here today with party colleague Wong Chen and Amanah strategy director Dr Dzulkefly Ahmad.
“It will be okay if the US dollar and ringgit exchange is okay...The formula no longer reflects what is the actual cost that petroleum companies have to bear,” he added.
Rafizi, who is also Pandan MP, suggested that Putrajaya call up all the petroleum companies in Malaysia to obtain the local costs of crude and refining it in order to determine more accurate petrol prices.
He said the retail price of RON95 petrol comprises two components — the cost of crude and refining it into RON95 petrol, as well as the guaranteed profit by the government to petroleum companies and petrol stations which he said was set at 32 sen for RON95.
“They can sign a non-disclosure agreement if they are concerned about confidentiality,” said the opposition lawmaker.
The ringgit has recently been plunging against the US dollar to levels seen during the Asian Financial Crisis in 1998. - Malay Mail
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