Author: Anthony Lim
It’s Friday, and following the news of the MCO extension to April 28 comes the usual weekly fuel price update. The cheer continues for motorists, but the irony surely cannot be lost on all, because while it’s cheap and out there, you won’t drive enough to enjoy it.
The ministry of finance has announced that the price of all retail fuels has dropped again for the coming April 11 to 17 week. The price of Euro 4M RON 95 petrol has dropped by five sen to RM1.25 per litre (from RM1.30 per litre last week), while RON 97 also gets an five sen reduction to RM1.55 per litre (from RM1.60 last week).
As for Euro 2M diesel, that has dropped by 12 sen to RM1.46 per litre (previously, RM1.58). This means that Euro 5 diesel, which costs 10 sen more than Euro 2M diesel, will be priced at RM1.56 per litre.
The continued price slide is a result of global crude oil prices having fallen due to an “oil war” among oil-producing countries, which resulted int the barrel price dropping below US$20 at one point earlier this month.
Fuel prices are expected to remain in this region for a while, given the lack of fuel consumption globally as a result of the Covid-19 outbreak, which has grounded aviation and limited the movement of surface travel and vehicular use in many places – case in point, the MCO.
The prices remain effective until April 17, when the next fuel price update is announced. This is the 14th edition of the weekly fuel pricing format for the year and the 66th edition in total for the format, with runs from Saturday until the following Friday.