Latest news with #petrolprice
Malay Mail
24-07-2025
- Automotive
- Malay Mail
Anwar: Lower RON95 price, toll hike freeze meant to ease burden on M40
PUTRAJAYA, July 24 — Prime Minister Datuk Seri Anwar Ibrahim today said the lower RON95 petrol price and delayed toll hikes are meant to ease the burden on Malaysia's M40 group. Anwar, who's also the finance minister, explained that while the B40 group typically uses motorcycles, which consume less fuel, the M40 group mostly relies on cars, leading to higher petrol costs. 'Now, if we look at RON95 priced at RM1.99 and the toll, if you're in the B40 group and riding a motorcycle, fuel consumption is minimal. But for the M40, most use motorcars, which means higher fuel consumption,' he said during his speech at the Finance Ministry's monthly assembly. Anwar said the government is not neglecting the M40 group, but stressed that implementation requires time. 'So when some in the M40 say the government is only considering the B40, it's natural. We started not just with the B40, but with the hardcore poor, then moved up to B40, and now we're extending to M40. 'That's the situation. Which is why I've said, we need to be patient with its implementation. But at the very least, praise to God, for the M40 group, both the RON95 and toll subsidies are now also benefitting them and those in higher income brackets,' he said. Yesterday, Anwar announced a one-off cash aid of RM100 for all Malaysians aged 18 and above, as well as the lowering of the RON95 petrol price from RM2.05 to RM1.99 per litre once the fuel subsidy rationalisation is implemented later this year. Anwar also announced the government's plan to defer a scheduled toll hike this year as it aims to keep the cost of mobility low. He said that his government is ready to compensate concessionaires, with the deferment expected to cost RM500 million.
Arab News
01-07-2025
- Business
- Arab News
Pakistan hikes petrol price by Rs8.36 per liter till next fortnight
ISLAMABAD: Pakistan's government has increased the price of petrol by Rs8.36 per liter and the price of high-speed diesel (HSD) by Rs10.39 per liter till the next fortnight, a notification by the Finance Division said on Monday. The new prices of petroleum products became effective from July 1. As per the notification, the price of petrol has surged from Rs258.43 to Rs266.79 per liter while the price of HSD has increased from Rs262.59 to Rs272.98 per liter after the hike. 'The Government has decided to revise the prices of petroleum products for the fortnight starting today, based on the recommendations of OGRA & the relevant Ministries,' the notification said. The government did not provide a specific explanation for the hike, however, fuel prices in Pakistan are generally influenced by global oil market trends, currency fluctuations and changes in domestic taxes. Fuel costs are revised every two weeks and have a direct impact on inflation. Rising fuel prices increase production and transportation costs, leading to higher prices for goods and services across the board in Pakistan, including food and other essential items. This direct relationship is further amplified by the country's dependence on imported fuel. This is the second consecutive time the government has hiked prices of petroleum products. On June 16, the Finance Division announced increasing fuel prices by raising HSD's rate by Rs7.95 per liter and petrol by Rs4.80 per liter. The development takes place after Pakistan last week approved a 10 percent increase in natural gas prices for industrial users and power plants from July, in line with reforms mandated by the International Monetary Fund (IMF) to ensure cost recovery and tariff rationalization, the Finance Division said.
Malay Mail
18-06-2025
- Business
- Malay Mail
RON97 price rises by seven sen, RON95 unchanged, diesel up in Peninsular Malaysia
KUALA LUMPUR, June 18 — The retail price of RON97 petrol will increase by seven sen per litre, from RM3.07 to RM3.14, for the period from June 19 to 25, while that of RON95 remains unchanged at RM2.05 per litre. In a statement today, the Ministry of Finance (MOF) said the retail price of diesel in Sabah, Sarawak and Labuan remains at RM2.15 per litre, while in Peninsular Malaysia it will rise by seven sen per litre, from RM2.74 to RM2.81, during the same period. 'In line with the increase in global oil market prices, the government has set the retail price of RON97 petrol at RM3.14 per litre, while the retail price of diesel in Peninsular Malaysia is RM2.81 per litre. 'The diesel price in Peninsular Malaysia remains lower compared to the floated price of RM3.35 per litre on June 10, 2024,' the statement said. MOF said the prices were set based on the weekly retail pricing of petroleum products using the Automatic Pricing Mechanism (APM) formula. It said the government will continue to monitor the impact of changes in global crude oil prices and take appropriate measures to ensure the welfare and well-being of the people are safeguarded. — Bernama
