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KUALA LUMPUR (Feb 22): The Ministry of Finance (MoF) announced today that the retail prices for RON95 and RON97 petrol will be increased by 10 sen effective tomorrow until March 1, 2019.
The prices for RON95 and RON97 are set at RM2.08 and RM2.38 per litre respectively, the highest so far this year.
Meanwhile, the retail price for diesel has been maintained at RM2.18 per litre, stagnant since Jan 26.
In a statement today, MoF explained that the increase in the retail price for RON95 petrol was driven by the increase in the average cost of refined products in the world market compared to the previous week — from US$63.11 (RM257.19) per barrel to US$66.91 per barrel.
For diesel products, MoF said the average cost of refined products also increased significantly from US$74.38 per barrel to US$79.11 per barrel.
"(Taking this into account), the retail price of diesel should be RM2.33 per litre. But in line with the government's promise to stabilise the price of diesel in the case that the actual market price is higher than the specified level, which is RM2.20 per litre for RON95 and RM2.18 per litre for diesel, then the retail price of diesel for the period from Feb 23 to March 1, 2019 is maintained at RM2.18 per litre," it said.
The Pakatan Harapan government has adopted the automatic pricing mechanism (APM) to set the retail price of fuel on a weekly basis since Jan 4 this year, in view of the downward trend in global oil prices.
Under the former government, weekly petrol prices were announced every Wednesday.
Now, petrol prices are announced every Friday. — theedgemarkets.com
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