SHAH ALAM, FEB 1: The Federal Government is urged to explain the mechanism for calculating the fuel price increase, as this time, it cannot be accepted since the global price of crude oil decreased while ringgit value increased.
Petaling Jaya Utara Member of Parliament, Tony Pua said while crude oil prices in December 2016 increased from USD51.48 to USD56.73 per barrel, it decreased slightly in January to USD55.86.
“This was caused by the increase in crude oil price in December,” said Tony Pua in his media statement.
Effective February 1, the retail price of RON95 and RON97 petrol increased to RM2.30 and RM2.60 respectively, an increase of 20 cents each, while diesel price increased 10 cents to RM2.15. This is the second price increase this year.
He said, ringgit’s decline, which, according to Putrajaya is among the cause of oil price increase, cannot be made an excuse this time.
This, according to Tony Pua, is because ringgit’s value in January is around RM4.42 against US Dollar, slightly higher than RM4.48 in December.
“We demand full disclosure of data, formula and details on how was the oil price increase calculated, so that rakyat know the reason for their suffering as a result of the government’s policy,” he said.
What is Putrajaya’s justification for oil price increase?
