After unprecedented fall in pump prices over the
past few months, petrol stations will see an increase of 25 sen for RON
95, RON 97 and diesel from midnight.
Beginning March 1, both RON 95 and diesel will retail at RM1.95 per litre, up from RM1.70, while RON 97 will be RM2.25, up from RM2 per litre.
Last month, RON 95 fell to its lowest level since it was introduced in 2009, spurred by a sudden plunge in global oil prices, which has since recovered slightly.
The price of fuel has been on a managed float system since December last year after the government abolished the subsidy system.
At that time, RON95, RON97 and diesel retailed at RM2.26, RM2.46 and RM2.23 respectively.
On Jan 1, however, RON95, RON97 and diesel retailed at RM1.91, RM2.11 and RM1.93 respectively, and last month pump prices went down even further.
Domestic Trade, Cooperatives and Consumerism Minister Hasan Malek said in a statement this evening that the price was determined based on the average cost price of the product during February 2015 and currency exchange rates.
"The government will monitor the development of the market price of the products' costs and currency exchange rates every time to set the retail price of petrol and diesel for the following months," he said, according to Bernama.
The minister reminded all oil companies and petrol station operators to comply with the new pricing.
"Stern action will be taken against those who violate the rules relating to the new prices set by the government," he added.
PKR secretary-general Rafizi Ramli however warned the price tonight would be higher, and said it is being worsened by the falling ringgit that he attributed to the poor financial management of Prime Minister and Finance Minister Najib Razak.
Beginning March 1, both RON 95 and diesel will retail at RM1.95 per litre, up from RM1.70, while RON 97 will be RM2.25, up from RM2 per litre.
Last month, RON 95 fell to its lowest level since it was introduced in 2009, spurred by a sudden plunge in global oil prices, which has since recovered slightly.
The price of fuel has been on a managed float system since December last year after the government abolished the subsidy system.At that time, RON95, RON97 and diesel retailed at RM2.26, RM2.46 and RM2.23 respectively.
On Jan 1, however, RON95, RON97 and diesel retailed at RM1.91, RM2.11 and RM1.93 respectively, and last month pump prices went down even further.
Domestic Trade, Cooperatives and Consumerism Minister Hasan Malek said in a statement this evening that the price was determined based on the average cost price of the product during February 2015 and currency exchange rates.
"The government will monitor the development of the market price of the products' costs and currency exchange rates every time to set the retail price of petrol and diesel for the following months," he said, according to Bernama.
The minister reminded all oil companies and petrol station operators to comply with the new pricing.
"Stern action will be taken against those who violate the rules relating to the new prices set by the government," he added.
PKR secretary-general Rafizi Ramli however warned the price tonight would be higher, and said it is being worsened by the falling ringgit that he attributed to the poor financial management of Prime Minister and Finance Minister Najib Razak.
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