Malaysia’s Fuel Prices Lower Than Saudi Arabia, Qatar - PM Anwar

KUALA LUMPUR, July 14 (Bernama) -- Retail fuel prices in Malaysia are lower than in major oil-producing countries such as Qatar and Saudi Arabia, said Prime Minister Anwar Ibrahim.

He said the price of subsidised RON95 petrol under the BUDI MADANI initiative remained at RM1.99 per litre, compared with the price in Saudi Arabia, which is now above RM2.40 per litre, thereby demonstrating the government’s commitment to maintaining fuel prices at an affordable rate.

As such, he said claims that petrol prices in Malaysia are no longer competitive compared with other oil-producing countries are inaccurate as current prices in this country are still lower.

“Fuel prices in Malaysia are lower than those in Qatar and Saudi Arabia, that is a fact that must be remembered. When we called for fuel prices to be reduced to RM1.50, the price in Saudi Arabia at that time was around 50 sen.

“Now, the price of RON95 petrol in Malaysia is RM1.99 per litre, while in Saudi Arabia it is over RM2.40 per litre. Qatar and the United Arab Emirates (UAE) also recorded higher prices, and the UAE even raised fuel prices two months ago despite being a major oil producer,” he said at the Parliament on Tuesday.

He also welcomed any constructive proposals to improve policies related to fuel prices, while stressing that the government always listens to the views of all parties before making any policy adjustments to ensure economic stability and the well-being of the people.

Earlier, the Prime Minister to explain the government’s assessment of the impact of the prolonged crisis in the Strait of Hormuz and the steps taken to reduce its impact.

Anwar said the government is focusing on ensuring sufficient fuel supplies, maintaining stability in the prices of goods, providing assistance to micro, small and medium enterprises (MSMEs) and strengthening economic resilience.

He added that geopolitical tensions in West Asia and disruptions to key trade routes, such as the Strait of Hormuz, continues to put pressure on the global and national economies.

-- BERNAMA