He is right. He is not lying. Saudi Arabia announced the increase in price for its higher-grade unleaded petrol from 0.6 riyals to 0.9 riyals per litre in December 2015. A hike of 50%.
At current exchange rate of 0.27 US$ to 1 Riyal, the increase was from US$ 0.162 to US$ 0.243 a litre.
And at Rm 4.45 to 1 US$, the price of higher-grade unleaded petrol in Saudi was Rm 1.08 a litre in 2016. This politician quoted a Dec 2015's news and compared it with our last month price hike and he 'forgot' to compare the current petrol price between Saudi's Rm 1.08 a litre with our lower grade Ron 95's of Rm 2.30 a litre.
On 27 February 2017, Gasoline prices for some of the oil producing countries are as shown.
For March 2017
Our Ron 95 is Rm 2.30 a litre and higher grade Ron 97 is Rm 2.60 a litre. Prices remained unchanged from February. No increase, so no complaint from the public. Ah Jib is happy.
Actually if the computation was based on average monthly price, March's petrol price should increase. Most likely because of the strong protest from the public (we made a fuss) in February when both the prices for Ron 95 and Ron 97 were increased by 20 sens, the authority decided not to increase the price. Anyway nobody know how the 'black box' worked.
If the computation was based on monthly closing price, the prices for March should decrease.
Looking at the March's candlestick, if the crude oil price can maintain at the current level until end of March, our April petrol prices can be expected to drop.
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