KUALA LUMPUR – Malaysia ranks ninth globally for having the cheapest petrol prices, according to data from Global Petrol Prices.
Currently, Malaysia’s petrol price stands at RM2.05 per litre, with Turkmenistan in eighth place with petrol rates at RM2.02.
Iran tops the list with petrol priced at RM0.13 per litre.
For Southeast Asia, Singapore is listed as having the 12th highest petrol rates at RM9.52 per litre, while Thailand is priced at RM5.91.
Thailand is ranked 72nd for having the cheapest petrol, while Indonesia stands 30th at RM4.22 per litre.
The updated data on Malaysia’s diesel rates following the recent hike is not yet available, but it is expected to place Malaysia 21st on the list, alongside Tunisia.
On Monday, diesel prices in Malaysia increased from RM2.15 to RM3.35 per litre, with future rates to be reviewed weekly to align with market prices.
Currently, Venezuela offers the cheapest diesel at RM0.02 per litre.
This decision is part of Prime Minister Datuk Seri Anwar Ibrahim’s economic reforms aimed at creating a more sustainable economy and curbing the smuggling of cheap oil to neighbouring countries.
The government highlighted that diesel subsidies were costing the country RM4 billion annually. Anwar also announced that the savings would be redirected to benefit lower-income groups.
The move has faced criticisms from various quarters as it is seen to negatively impact the cost of living for lower income groups. However, the price hikes do not apply to Sabah, Sarawak, or eligible logistic vehicles.
Additionally, the government has implemented the Budi Madani programme, allowing private diesel vehicle owners to receive RM200 cash monthly.
According to Global Petrol Prices, the average global prices stands at RM5.78 for diesel and RM6.20 for petrol. – June 15, 2024