KUALA LUMPUR, Jan 1 — Fuel prices in Saudi Arabia and United Arab Emirates are now around the same price and even higher than fuel prices in Malaysia following a hike announced starting January 1, Datuk Eric See-To said today.
The Barisan Nasional Strategic Communications (BNSC) deputy director pointed out two of the largest oil producing countries in the world started imposing their version of the Goods and Services Tax (GST) starting today, which raised fuel prices there.
“It was not too long ago that both countries’ petrol was way cheaper than Malaysia since they produce dozens of times more oil than our country,” he said in a statement.
The RON95 petrol will now sell for 2.04 riyals per litre, which translated to RM2.21 per litre, in Saudi Arabia.
In the UAE, the fuel prices are now RM2.36 per litre. The fuel price in Malaysia, which is determined by a weekly price mechanism, currently stands at RM2.26 per litre for the RON95 fuel.
While both the Saudi and UAE governments are imposing GST on fuel, Malaysia has given payment relief on petrol prices for GST.