31 Dec '16, 8am

Fuel prices in Malaysia will go up in January 2017; 70% of old fuel subsidy system went to…

Fuel prices in Malaysia will go up in January 2017; 70% of old fuel subsidy system went to…

It looks like Malaysian motorists will be starting the new year on a negative note, as fuel prices are expected to go up in January (tomorrow). According to finance ministry strategic communications director Datuk Lokman Noor Adam, this is due to the increase in the price of crude oil, as well as weak ringgit forex against the US dollar. In a Bernama report, Lokman explained that fuel prices in Malaysia are set according to the average price of fuel in the world market, as it has been since the controlled floatation method was introduced in December 2014 . “The average (here) means the prices from day one to 31 (of the month) divided by 31 days. Not the global oil prices at the end of the month as understood by certain quarters,” he said. With the US dollar going from strength to strength against ringgit, the cost of purchasing crude oil has surged, Lokman added. On the ma...

Full article: http://paultan.org/2016/12/31/fuel-prices-up-2017/

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