(July 31): Although there is a drop in global oil prices, Malaysians are not enjoying cheaper petrol due to the falling ringgit, a PKR lawmaker said.

Pandan MP Rafizi Ramli said the weaker the ringgit, the more Malaysians will have to pay for both RON95 and RON97 petrol.

"It is unfortunate that throughout the whole of July, the currency value has fallen to as low as RM3.815. This drop has been since last year when the ringgit fell from RM3.10 to RM3.80," he said.

To illustrate his point, he said RON95 was only RM1.86 per litre in August last year when the ringgit value was at RM3.212 per US$1, but with the currency down to RM3.766 on July 1 this year, the people must pay RM2.15 per litre due to the exchange rate.

He calculated that based on daily prices throughout July, RON95 would be maintained at RM2.15 per litre, while diesel and RON97 would drop 20 sen to RM1.85 and RM2.35 per litre respectively, with the goods and services tax included for the latter.

"If the government fixes prices any higher than that beginning tomorrow, it means the government is collecting hidden taxes from the people because the prices would be higher than what the present formula dictates," he said in a statement today.

Rafizi said if the government introduces lower prices for the three types of fuel tomorrow, it would mean that the fuel subsidy was back.

The PKR secretary-general said he was monitoring the prices of petrol under Prime Minister Datuk Seri Najib Razak's administration again since the prices do not reflecting the drop in global oil prices.

He had previously kept a close eye on changes in global oil prices between October last year and March this year.

In the current situation, Rafizi urged Domestic Trade, Cooperatives and Consumerism Minister Datuk Hamzah Zainudin to publish a schedule on the pricing of fuel everyday that is used to determine the prices for the month to avoid hidden taxes.

"The government should also reintroduce the 30 sen per litre fuel subsidy to ensure fuel prices in Malaysia reflect the actual market prices.

"This is important to balance the impact of the fall of the ringgit, which is taking its toll on the people." – The Malaysian Insider