On Tuesday (3 September), we reported that the price for RON95 is up by 20 sen. According to latest reports, RON97 has increased by 15 sen, to RM2.85 per litre!
In September 2012, RON97 saw a major price increase of RM3 per litre, but was reduced to RM2.90 in March 2013. It was reduced again by 20 sen after the 13th General Election.
According to a statement by the President of the Malaysian Petrol Dealers Association, Datuk Hashim Othman, the retail price of RON97 is fixed based on a managed float with the monthly price determined by market forces.
He says that the price hike was likely to have been influenced by world events, such as the United States threat of war against Syria. This is because international financial transactions are made in US dollars.
However, Hashim believes that those with low and middle income would not be affected as the fuel is usually used by luxury car owners.
Also, the Government is still deciding if they should reintroduce RON92 petrol to give motorist more options in getting affordable fuel.
Story from: The New Straits Times
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