Is the price of RON95 set to drop to below RM2 for the first time since August last year? Speculation is rife but no confirmation is forthcoming from minister Datuk Hasan Malek. – The Malaysian Insider pic, December 30, 2014.
Motorists will have to wait at least until tomorrow to find out if Putrajaya will officially announce a reduction in the retail price of fuel in the country.
The social media today was abuzz with speculation that the price for RON95 will be reduced to RM1.93 per litre from the current RM2.26, RON97 RM2.13 from the current RM2.46 and diesel at RM1.97 from RM2.23.
Domestic Trade, Cooperatives and Consumerism Minister Datuk Hasan Malek when contacted tonight, however, was non-committal on whether the retail price of fuel will be reduced.
"Wait first, it is a secret. Wait until January 1. It will be good news," he said.
On Monday, the global benchmark Brent crude settled at US$57.88 per barrel while the US crude settled at US$53.61 per barrel. Prices have fallen to their lowest level since May 2009.
Foreign analysts have said that oil prices this year are on track for the biggest decline since 2008 and the second biggest annual fall since futures started trading in the 1980s.
In November, Putrajaya announced that it would remove all fuel subsidies effective December 1 and use a managed float method to determine the retail price of fuel.
Through the managed float method, the average change in the product cost will determine pricing on a monthly basis.
However, with oil prices slumping worldwide and showing no signs of recovery, Malaysians should be able to look forward to cheaper oil prices as they usher in 2015. – December 30, 2014.