global oil prices

The government has decided to cap the retail prices of RON95 petrol and diesel at RM2.05 and RM2.15 per litre respectively, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.

Malaysia's cabinet has agreed to set up an economic action council to tackle serious issues affecting the economy, such as a drop in global oil prices and a coronavirus outbreak.

Malaysia's inflation, which recorded the fastest growth in eight years in February, is expected to ease given the decline in global oil prices.

The recovery in global oil prices is expected to benefit Malaysian economy as it will lead to domino effect across other sectors and commodity.

The amount collected is also less than the RM115 billion targeted for the year following the weak economy, as well as fall in global oil prices.

The retail price of RON95 and diesel were set according to the average prices of the fuel in the world market for a month, as well as being influenced by the ringgit's movement against US dollar.

Weak sentiment following the fall in global oil prices, pushed share prices on Bursa Malaysia to open marginally lower this morning.

At 5 pm, the local unit was at 4.2880/2960 from the 4.2900/2970 recorded on Tuesday.

Arul Kanda says the Ringgit was very much influenced by the drastic drop in global oil prices and devaluation of the Chinese Renminbi that had adversely impacted the local currency.

Petronas say it posted a net loss of RM7.3 billion in the fourth quarter due to a slide in global oil prices and asset impairment losses.

In Saudi Arabia, the general response to the drop in global oil prices by half -- from more than $100 a barrel six months ago to around $50 now -- is a shrug.

Cheaper tickets expected with AirAsia's announcement to abolish fuel surcharge across all of its airlines, in line with declining global oil prices.

The rubber market has yet to be determined as traders were cautiously monitoring the volatility of the ringgit and global oil prices.

The Prime Minister says he will issue a full statement in view of declining global oil prices and floods that hit the east coast of Peninsular Malaysia.

Global oil prices on Monday collapsed under $50 for the first time in more than five years on the strong dollar, plunging equities, demand worries and plentiful crude supplies.

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