PUTRAJAYA, Nov 27 – The global crude oil price trend since Nov 1 is expected to result in between three and four sen cut in RON95 on Dec 1 from the current price. Secretary-General of Ministry of Domestic Trade, Cooperatives and Consumerism, Datuk Seri Alias Ahmad, said the crude oil prices were falling and the recent three-day increase would not affect the average price for November.
“I did not say it would fall, but if we follow the trend, it would. We have seen between three and four sen fall in the pump price now,” he said, when asked whether RON95 price would fall on Dec 1. Alias said this to reporters after the ministry’s ‘town hall’ session on Budget 2015 here Thursday.
Last week, Minister of Domestic Trade, Cooperatives and Consumerism, Datuk Seri Hasan Malek, said the retail prices for RON95 petrol and diesel would be fixed on a managed float system from Dec 1. The retail price of RON95 petrol is RM2.30 a litre and diesel RM2.20 a litre.
Alias said US-based Economist Intelligence Unit (EIU) expected crude oil prices to trend downwards until next year. “The EIU projection takes into consideration the development in the Organisation of the Petroleum Exporting Countries, the Brent and US West Texas Intermediate constracts,” he said.