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RON97 petrol price down by 10 sen

The price of RON97 petrol will be reduced by 10 sen to RM2.80 per litre from midnight Wednesday (15 June 2011), according to Petrol Dealers Association of Malaysia president Datuk Hashim Othman.

This is the first reduction since the price was floated at market rates.

There have been four increases in RON97 petrol price since the beginning of this year.

The last increase on May 5 saw a hike of 20 sen to RM2.90 per litre.

RON 97 to cost 20 sen more from 5 May 2011

PETALING JAYA: The price of premium petrol RON 97 will be increased by 20 sen to RM2.90 per litre started 5 May 2011.

Malaysian Petrol Dealers Asso­ciation president Datuk Hashim Othman, who confirmed this, said the price hike would be effective at midnight yesterday.

“The price of RON 97 currently fluctuates as the Government has lifted the subsidy for this petrol,” he said.

He added that the recent occurrences of global natural disasters and the political instability in the Middle East had caused an increase in crude oil prices.

Hashim said crude oil prices dipped slightly after the United States announced the death of terrorist Osama bin Laden.

“The price of RON 97 might go down in the future, but that depends on the political situation in the Middle East,” he said.

“Natural disasters will also affect the price.”

Hashim, however, added that the price of RON 95, which is subsidised, would stay at RM1.90 per litre.

Last month, Deputy Finance Minister Datuk Donald Lim Siang Chai told Parliament that the Government had spent RM23.1bil on oil subsidies in 2010 compared with RM33.2bil in 2008.

He added that the Government had only allowed an increase of RON 97 petrol prices and left RON 95 unchanged to ensure that the people were not economically burdened.

Ron 97 fuel up by 20 sen

KUALA LUMPUR: The price of RON97 petrol will go up by 20 sen to RM2.70 per litre effective midnight tonight (2/4/2011), according to the Petroleum Dealers Association of Malaysia (PDAM).

PDAM deputy president Datuk Zulkifli Mokti said the increase was due to the rise in the price of crude oil to US$114 per drum this week from US$105.

"This is due to the crisis in the Middle East," he said when contacted by Bernama tonight.

Zulkifli said the price was likely to increase in the future due to the situation in the Middle East which he added could prolong.

On Jan 31, the price of RON97, which was floated according to the prevailing oil market price, rose by 10 sen to RM2.50 per litre.

RON95 petrol remains at RM1.90 per litre. - Bernama

Motorists to pay more in insurance premiums from 2012: Bank Negara

PETALING JAYA: Motorists will pay more for their insurance premiums from next year under the new motor framework but will reap the benefit of faster claims.

This is the first revision of the motor framework since 1978.

Bank Negara assistant governor Abu Hassan Alshari Yahaya, who announced this on Friday, said the premiums were not expected to have a material impact on the low-income group and the increases would be “gradual”, spread over four years.

After 2016, the premiums would be ‘liberalised’ and determined mostly by market forces.

“The new framework, which will encompass efficiency enhancement measures, is also expected to improve time taken to settle claims from the current average of 1 year to 5 years to 6 - 18 months,” he said.

Abu Hassan stressed that the adjustment would be gradual and “manageable”, refuting a news report published by a local daily Friday which stated that motorists may see premiums rise by about 250% and 450%.

“That is totally incorrect,” Abu Hassan said.

Citing preliminary figures for certain segments, he said for motorcycles 100 cc and below, the increase would be between an annual RM1-RM3.50 (for third party insurance) and RM1-RM2 (for comprehensive insurance) whereas for cars 1,500 cc and below, the increase would be between RM6 to RM34 (third party) and RM7 and RM19 (comprehensive).

The amount of premium paid would be dependable on factors such as the vehicle’s age and the motorist’s history of claims.

“The public can take some adjustment, the fact is that insurance premiums have not been adjusted for a very long time,” he said.

He said engagements had been held with key stake holders such as the police, hospitals and judiciary and a formation of a joint committee among these stake holders to oversee the effective implementation of the proposed framework’s efficiency enhancement measures would be established.

The current motor insurance rating framework has not been reviewed since 1978 and insurance companies have constantly raised the issue of third party motor insurance business being unprofitable given low premiums which did not commensurate with high claim costs.

According to Bank Negara’s presentations slides on Friday, the motor insurance business incurred an estimated annual loss of RM650mil as at 2009/2010.