Latest news with #petrol
Free Malaysia Today
3 hours ago
- Business
- Free Malaysia Today
Iran-Israel conflict won't make govt raise RON95 price, says Anwar
Prime Minister Anwar Ibrahim said the price of RON95 petrol would not be raised even if there was a sharp increase in global crude oil prices. PETALING JAYA : Prime Minister Anwar Ibrahim has given his assurance that the government will not raise the price of RON95 petrol even if there is a sharp increase in global crude oil prices due to the geopolitical tensions between Iran and Israel. He said although a price increase would benefit the national petroleum company, the government aimed to avoid burdening the people with higher fuel costs. Speaking after a meeting with the Johor PKR leadership in Iskandar Puteri today, the PKR president also said the expansion of the sales and service tax (SST) must be implemented carefully so as not to pressure the lower and middle income groups. 'Sometimes people get confused. For example, it was said that bananas are subject to SST. Actually, it's imported bananas. 'We will clarify the matter. The important thing is that we do not want to burden the lower-income groups,' Bernama quoted him as saying. Anwar also suggested that government departments and agencies serve local fruits during official functions to support domestic production. He said the government is open to reviewing the list of goods and services subject to tax if there is confusion or unfairness in its implementation. Commenting on the issue of SST on educational institutions, the prime minister explained the tax would only be imposed on international schools that charged fees above a certain threshold. 'Regular and private schools that charge RM10,000 or RM20,000 a year are not taxed. But if it's RM60,000 a year, then pay a little tax,' he said. Anwar emphasised that tax revenue would be used to fund public necessities, such as the construction of schools and the upgrading of public healthcare facilities. 'Wherever I go, hospitals are crowded. Many schools also need repairs. We need funds, and those come from taxes, but not from ordinary citizens. We will target the upper class and foreign sectors,' he said.
Malay Mail
a day ago
- Business
- Malay Mail
Anwar: No RON95 price hike despite global oil surge, Iran-Israel conflict
ISKANDAR PUTERI, June 19 — Prime Minister Datuk Seri Anwar Ibrahim said the government would not raise the price of RON95 petrol following the increase in global oil prices and the ongoing conflict between Iran and Israel. He said the decision was taken because of its impact on the people and the country's economy. 'Price fluctuations for oil are a common feature, but the latest spike was particularly abrupt and was triggered by the recent Israeli military assault on Iran. 'Previously, oil prices were low, but the increase this time has been quite sharp. The recent price hike is partly due to increased demand and also contributes to national revenue,' he told reporters after attending a close-door Johor PKR leadership event held at the Mall of Medini here today. Anwar attended in his capacity as the PKR president. Anwar, who is also the finance minister, assured that there would be no immediate changes to domestic oil prices. He said that any future price adjustments would be made after taking into account the needs and financial capacity of the people. Previously, it was reported that oil prices could soar to US$130 (RM553) per barrel if Iran decides to close the Strait of Hormuz. Tehran was considering closing the strait in response to the Israeli attack. The strait handles 20 per cent of global oil shipments and 80 per cent of oil and liquefied natural gas (LNG) trade for Iran, Saudi Arabia and the United Arab Emirates (UAE). On a separate matter, Anwar denied that he knew the names of three senior policemen whose names will be presented to the Yang di-Pertuan Agong, Sultan Ibrahim Sultan Iskandar for the next Inspector-General of Police (IGP). He said that he will have to check. Earlier today, it was reported that the names of three IGP candidates to replace Tan Sri Razarudin Husain have been sent to Istana Negara. Razarudin will end his contract on June 22 after two years at the helm of the country's police force. It is understood that the three names mentioned are Deputy Inspector-General of Police, Tan Sri Ayob Khan Mydin Pitchay; Internal Security and Public Order Department director Datuk Seri Azmi Abu Kassim and Special Branch director Datuk Seri Mohd Khalid Ismail.
The Independent
2 days ago
- Business
- The Independent
Examples of where inflation jumped in May – and where it eased
Falls in the cost of petrol and air fares in May were offset by a record rate of inflation for chocolate and jumps in the price of everyday items such as coffee and cheese. The average price of chocolate last month was 17.7% higher than a year ago, up from 14.6% in April. This is the highest figure for chocolate since comparable data began in 2016, according to data published by the Office for National Statistics (ONS). Inflation also accelerated sharply for computer software, which stood at 16.3% in May compared with 8.2% in April. The price of coffee was up 13.9% year-on-year, higher than the 7.5% figure in April, with similar jumps for whole milk (up from 3.0% to 5.9%) cheese (up from 2.8% to 4.9%) and ice cream (up from 0.3% to 7.6%). The cost of furniture and household goods increased, particularly kitchenware. Irons, fridges, freezers, washing machines and dishwashers all saw inflation fall year-on-year by a smaller amount in May than in April, reflecting a rise in prices in shops. The average cost of a cooker swung from negative inflation in April (down 3.4% year-on-year) to positive inflation in May (up 2.3%), while inflation climbed higher for heaters and air conditioners. By contrast, petrol and diesel both saw prices continuing to drop. The average cost of petrol last month was 11.0% lower than a year earlier, a larger drop than the 9.1% fall seen in April. Diesel also recorded a sharper decrease, down 11.0% year-on-year in May compared with a fall of 9.8% in April. The cost of travelling by train was up 4.9% in May compared with a year earlier, lower than the 8.6% recorded in April. Inflation also eased for travel by bus and coach, which stood at 9.6% in May compared with 13.0% in April. There was a big shift in the cost of air travel, which swung from positive inflation of 16.2% in April to negative inflation of 3.9% in May. And several items saw prices fall faster year-on-year in May than in April, including olive oil, pasta and couscous, pizza and quiche, men's shoes and low-fat milk. Below are some examples of how the Consumer Prices Index (CPI) inflation rate has eased or accelerated. Two figures are listed for each item – the average rise in price in the 12 months to April, followed by the average rise in price in the 12 months to May. – Examples where annual inflation has accelerated, ranked by the size of change: Software: April up 8.2%, May up 16.3%Edible ices/ice cream: April up 0.3%, May up 7.6%Coffee: April up 7.5%, May up 13.9%Irons: April: down 9.5%, May down 3.3%Cookers: April down 3.4%, May up 2.3%Refrigerators/freezers: April down 10.7%, May down 5.5%Personal computers: April down 9.1%, May down 5.9%Chocolate: April up 14.6%, May up 17.7%Breakfast cereals: April up 2.2%, May up 4.8%Cheese/curd: April up 2.8%, May up 4.9%Heaters/air conditioners: April up 1.9%, May up 4.0%Crisps: April up 3.0%, May up 4.2%Meat: April up 3.6%, May up 4.8%Bread: April up 1.8%, May up 2.4% – Examples where annual inflation has eased: Passenger transport by air: April up 16.2%, May down 3.9%Olive oil: April down 1.5%, May down 6.0%Passenger travel by train: April up 8.6%, May up 4.9%Passenger transport by bus/coach: April up 13.0%, May up 9.6%Margarine: April up 4.2%, May up 1.2%Cinemas/theatres/concerts: April up 2.1%, May down 0.5%Pasta & couscous: April down 4.2%, May down 6.0%Fruit & vegetable juices: April up 8.2%, May up 6.4%Eggs: April up 4.7%, May up 3.3%Pizza & quiche: April down 1.2%, May down 2.6%Men's footwear: April down 2.1%, May down 3.5%Low-fat milk: April down 0.2%, May down 1.0%Tea: April up 1.6%, May up 1.2%
News.com.au
3 days ago
- Automotive
- News.com.au
Electric cars vs petrol cars: The pros and cons of going electric
Australia's new car market is becoming more diverse, with an increased number of choices available to buyers seeking different powertrains. No longer is it just a choice between diesel and petrol, though they are still the dominant fuel types in the market. Now buyers have options including hybrid (HEV), plug-in hybrid (PHEV) and the fully-electric (EV) options popularised by brands such as Tesla. New vehicle registrations for the first five months of 2025 show petrol remains the most popular fuel type across all vehicle types (41.2 per cent), followed by diesel (30.1 per cent), hybrid (16.1 per cent), electric (4.8 per cent) and then plug-in hybrid (4.0 per cent). In trend terms, diesel is losing its relevance (sales down 6.6 per cent this year) and pure petrol models are down 9.8 per cent, whereas hybrid sales have jumped 18.3, and plug-in hybrids are up a staggering 208.1 per cent from a very low base, largely in part due to fringe benefits tax breaks which have now been axed. Here we break down the pros and cons of each fuel type. Diesel Cons: Nasty for the environment, and won't suit all driving styles Our market is dominated by diesel dual-cab utes and four-wheel drives. It is less likely to fluctuate in price as much as petrol, and is available in just about every single servo across the country. In other parts of the world, this fuel has effectively been phased out in favour of electrification; research has found that diesel emissions can be harmful to the environment and humans – in fact, European environmental agencies have stated that nitrogen dioxide (NO2) from diesel fumes has killed hundreds of thousands of people in Europe. Modern diesel vehicles have particulate filters that require some high-speed driving regularly to activate the burn-off sequence. That mandatory technology is expensive to repair if you don't drive to suit the requirements. Petrol Pros: Not overly complicated, suits all driving styles Cons: Fluctuating fuel prices make it hard to control running costs There are different types of petrol. Cheaper choices are between the 'regular' 91 RON (research octane number) petrol, or E10, which includes a 10 per cent ethanol blend made from agricultural sources such as corn, wheat, or sorghum. It might be cheaper initially, but E10 fuel has been known to adversely impact some engines over time. Then there are the higher-octane premium petrol choices – 95 RON or 98 RON – which are more expensive, but also more refined and better suited to hi-tech engines and turbocharged powertrains in particular. They can be more fuel efficient, too. The biggest problem with petrol is choosing the right day and the correct location to refill, because pump prices can vary dramatically – up to $0.60c/litre in the space of a few kilometres or picking Wednesday or Thursday to fill up. Hybrid (HEV) Pros: Proven improvements to fuel use and tailpipe emissions Cons: Additional complexity for maintenance, battery life Most hybrids can run on electric power for short periods, doing their best work in stop-start driving where braking will feed energy back to the battery. HEVs have a small battery and an electric motor that can do some of the work, some of the time – either in assisting the engine, or acting alone. Hybrids were popularised by cars such as the Toyota Prius and Camry, and in recent years the Japanese maker has moved to make hybrids the go-to for passenger cars and SUVs. You can't buy a petrol-only Yaris, Corolla, RAV4 or Kluger now. But not all hybrids are the same. Suzuki markets the Swift as a hybrid, but it's a very mild 12-volt system; and Mazda calls its mild-hybrid CX-60 (-70, -80, -90) model ranges 'all hybrid', when they're actually only partly electrified by a 48V system. Plug-in hybrid (PHEV) Pros: Longer EV-only driving Cons: Cost, having to plug in There are two ways of looking at plug-in hybrids: the best of both worlds, or the worst. PHEVs have a larger battery pack and more powerful electric motor pure EV driving for longer periods. A few years ago, 50km of EV range was great; today, some PHEVs in Australia claim 180km of EV range. If you can drive to work and back each day and just use electric mode, that's a win. But you're constantly lugging around a petrol engine as well. Most PHEVs allow you to use the engine and battery together for fast acceleration if you need it. PHEVs have gotten more affordable in recent years, but there are still high price premiums to have the tech compared to petrol models. A subset of PHEVs is the range-extender EV (REEV) models which are entering the market, which use a petrol engine as a generator only. Electric (EV) Cons: Expensive, resale questionable, range and charging anxiety Electric cars are exactly that. Cars that run on electricity. They use bigger battery packs to offer long driving range, and while many of us would never actually drive from Sydney to Melbourne, there are no EVs on sale that could do it without recharging. Finding a charging station that isn't occupied and is reliably working is another thing altogether – Australia is big, the distances are huge, and the infrastructure is lagging behind.


Daily Mail
4 days ago
- Business
- Daily Mail
Israel-Iran conflict could see Aussie motorists paying $2 a litre for petrol again
Australian motorists could soon be paying $2 a litre for unleaded petrol again as an escalation of the conflict between Israel and Iran revives a cost-of-living nightmare. Crude oil prices spiked over the weekend after Israel bombed Iran 's nuclear facilities, leading to Iran firing drones back at Israel. Before Israeli Prime Minister Benjamin Netanyahu ordered the attacks, Australia's average unleaded petrol price stood at $1.81 a litre. But Australian petrol prices could climb above $2 a litre again should crude oil prices climb to $US95 a barrel for the first time in three years. Crude oil prices soared by seven per cent on Friday to a five-month high of $US76.94. Moomoo market strategist Jessica Amir said financial markets were now betting on crude oil prices soaring to levels last seen in mid-2022, shortly after Russia 's Ukraine invasion sparked sanctions. 'While investors will question how long this could go on, and if the conflict will block the Strait of Hormuz, cutting off 21 per cent of the world's oil supply, we're seeing some investors betting (via options) the oil price will rise to US$95,' she said. 'This would cause inflation to spike.' The last time crude oil prices were at this level, in 2022, Australian motorists were paying more than $2 a litre for petrol, even after excise had been halved for six months by the previous Coalition government. A spike to $2 a litre would push up average fuel bills by another $10. Even if the conflict is contained, AMP chief economist Shane Oliver predicted a conservative 12 cents a litre increase in fuel prices. This would take average unleaded prices to $1.93 a litre and see a driver filling up a Toyota RAV4 SUV pay an extra $6.60 at the bowser filling up a 55-litre tank. 'What happens in the very near term will depend on how Iran retaliates,' Dr Oliver said. 'It has already fired drones and missiles at Israel, but the main risk would be if it attacks US bases in the region (which is possible but likely to be limited) and neighbouring oil producers (which is unlikely) or if it disrupts/blocks the Strait of Hormuz through which roughly 20 per cent of global oil consumption and 25 per cent of global LNG trade flows daily (which is possible).' Unleaded petrol is now selling for more than $1.90 a litre across Sydney but not yet in Melbourne, MotorMouth data showed. Even before Friday's Israeli-led attacks, Australian Institute of Petroleum data showed average national unleaded petrol prices had already risen from $1.76 a litre at the start of June to $1.81 a litre. Fuel prices, however, are still below the $2.20 level of March 2022, after Russia's Ukraine invasion had sparked a series of sanctions. The West Texas Intermediate price of crude oil has surged seven per cent to a five-month high of $US76.94 since Israel's bombing campaigned started on Friday. Commonwealth Bank senior economist Belinda Allen said investors were worried. 'Global oil prices jumped on Friday and settled seven per cent higher as Israel and Iran traded air strikes, feeding investor worries that the combat could widely disrupt oil exports from the Middle East,' she said. But crude oil had already been rising after Iran signalled it would be unwilling to give up its nuclear enrichment ambitions. While Israel has attacked Iran oil refineries, Dr Oliver said crude oil price rises could be contained unless Iran closed the Strait of Hormuz 'which poses the biggest upside risk to oil prices'. Prime Minister Anthony Albanese won a landslide re-election victory even after declining to match former Opposition Leader Peter Dutton's plan to halve fuel excise for a year from 50.8 to 25.4 cents a litre, which would have saved motorists $14 a week filling up a RAV4.
