PETRONAS SIC Rental Rates Skyrockets Over 45% Starting 1st April!

The recently rebranded PETRONAS Sepang International Circuit (SIC) officially announced significant increases for its circuit rental rates.

Taking effect from April 1, 2024 onwards, the changes amount to increases between 25.68% to 45.45%. The circuit says these adjusted prices are intended to keep the FIA and FIM Grade 1-rated circuit in top condition.

The revised rates see weekday daytime circuit rental charges raised from RM55,000 to RM70,000, marking a 27.27% hike. Weekend daytime rates are up by 32.23% from RM60,500 to RM80,000. Weekday night rental has gone up by 41% RM55,000 to RM78,000, but the biggest jump can be seen for weekend night rental, which went up by 45% from RM60,500 to RM88,000.

Aside from the foregoing, rates for regular races held in SIC to promote motorsports among youths would be raised. The Malaysia Championship Series (MCS) is the most affected by rate increases, with its track rental increasing significantly from RM30,000 to RM45,000 in April. Meanwhile, the annual Sepang 1000KM (S1K) race rental would be raised by only RM5,000 to RM55,000.

However, track slot rental for open track days to individuals will not be increased and will remain at the current rate of RM300 per driver, per session.

The new rates cover technical and medical personnel, ambulance and fire car services, along with the  cleaning staff, security personnel, and access to relevant facilities.

According to circuit CEO Azhan Shafriman Hanif, these changes are critical in order to maintain facility quality, improve services, and ensure the highest track standards are kept.

Shafriman emphasised the company's commitment to ensuring a smooth transition for clients and stakeholders, including advance notice for transparency and ample preparation time.

SIC last raised its rental rates over a decade ago in 2013, and Shafriman previously stated in early 2023 that the move was unavoidable due to rising operational and maintenance costs. However, the rental rate was not raised last year.

While it is well-known for hosting major events such as the Petronas Grand Prix of Malaysia (MotoGP) and past Formula One races, the circuit's primary source of revenue is track and facility rentals for private events.