KUALA LUMPUR, Malaysia - The retail price for all fuel types across Malaysia will go up by 10 sen effective midnight, The Star reports.
The new prices of fuel for the month of October 2015 will see RON95 going up to RM2.05, RON97 (RM2.45), diesel (RM1.90) and Euro 5 Diesel (RM2).
Petronas Malaysia Petrol Station Operators president Khairul Annuar Abdul Aziz, in a Bernama report tonight also confirmed the increase.
"The prices at the pumps will be adjusted from 12.01am, on October 1," he said.
The present prices of RON95, RON97 and diesel are RM1.95 a litre, RM2.35 a litre, and RM1.80 a litre respectively.
- Putrajaya ended the subsidies system last December after global oil prices slid to below US$60 a barrel as oil-producing countries kept production up despite a souring world economy that slowed consumption. The Brent crude oil price closed at US$48.20 a barrel today according to Reuters, about 10% lower than last month.
- Since December 1, the retail price of fuel has been set by a managed float method and a new price is announced before the start of each month. Prices in December were RM2.26, RM2.46 and RM2.23 for RON95, RON97 and diesel, respectively.
- Through the managed float method, the average change in the product cost will determine pricing on a monthly basis.
At the time, Putrajaya said Malaysians should be able to look forward to cheaper oil prices in 2015 as there were no signs of recovery in the price of oil.
Then deputy finance minister Datuk Ahmad Maslan(photo) said in December that the government would continuously monitor the market development of the cost of the products as well as exchange rates in fixing the retail prices of petrol and diesel.
Source: The Malaysian Insider