Key: July prices in red; June prices in violet (Graph courtesy of oilnergy.com)
It looks like the price of oil in Malaysia could be dependent on other factors apart from economic considerations.
Now the PM talks of “streamlining” the oil price from 1 Sept. By also capping the petrol price at the present RM2.70/litre for the rest of the year, the government is now opening up the possibility of a possible reduction in fuel prices this year in the event of a further drop in global prices.
What exactly has changed since 5 June, when the petrol price was raised by 41 per cent?
As you can see from the graph above, the price of Nymex Light Sweet Crude on 4-5 June was around US$125 per barrel. And that was when they raised the petrol price in Malaysia by 41 per cent.
At the end of July, the price was also around US$125. But this time, they are talking of “streamlining” the oil price.


