Price Cut For RON95 If Global Crude Oil At US$70-US$75 A Barrel – Chua

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KUALA LUMPUR, Nov 19 – The government may consider adjusting the price of RON95 petrol once the global crude oil prices are between US$70 (RM234.50) and US$75 (RM251.25) per barrel, said Deputy Minister of Finance II Datuk Chua Tee Yong. He said the government was closely monitoring the down trend of the global crude oil.

Brent crude oil slipped towards US$78 (RM261.30) a barrel on Wednesday. “If the prices continue to drop then definitely the Finance Ministry will look into the possibility of whether to adjust the price for RON95 again. “If it drops below the certain price then there is no more subsidy to be paid,” he said to reporters after officiating Macro Kiosk Bhd’s new office in Kuala Lumpur, Wednesday.

The subsidied price for RON95 now is RM2.30 and RM2.58 without. On a separate note, Chua said, the government hoped that luxury and large cubic centimetres (CCs) cars would use RON97. The retail price of RON97 petrol has been reduced by 20 sen a litre, from RM2.75/litre to RM2.55/litre throughout the country Wednesday.

“Based on the data, the usage of RON97 has been low but when it dropped by 20 sen, it will help the economy as fewer people wil use RON95. “Less RON95 usage means the government does not need to fork out more subsidies,” he said. The price of RON97 is determined by managed float and depends on market forces. Macro Kiosk, the leading mobile technology enabler in Asia, unveiled its new office with a capacity to accommodate 259 employees.

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