New petrol price calculation not reflective of global rates - Rafizi

PKR Vice President cum Secretary-General Rafizi Ramli said the condition is due to a price determining system which was not transparent and included a formula to guarantee profits for petrol companies.

He said the Brent crude oil last week had dropped to US$68 (RM233) per barrel, a decrease of 35.2% from the previous price of US$105 (RM360) per barrel.

"According to a statement by Datuk Ahmad Maslan himself in Bernama last month, the price of RON95 if based on global price is RM1.72 per liter and not RM2.26 as announced on December 1.

"If the Brent crude prices had dropped between 27% and 35%, then the price drop for of RON95, RON97, and diesel should not be far from that," he said.

Rafizi said, announcement of the price of RON95 which fell by 1.7%, RON97 by 3.5%, and the increase in diesel by 1% indicates a huge difference between global oil rates and the price in Malaysia.

Besides that, PKR also urged the Government to publish the reference global prices for RON97, RON95 and diesel using the Means of Platts Singapore (MOPS) price list, including other costs included for RON97, RON95 and diesel.

Rafizi who is also Pandan MP said that he had set up his own team to monitor fuel prices to ensure the rate used in Malaysia reflected the global market prices.