Fuel Prices Up By 25 Sen For RON95, RON97 And Diesel From 1 March
After dropping to its lowest in February, RON95 is back up at RM1.95 for March, with RON97 now RM2.25 per litre, both of them recording an increase of 25 sen
Fuel prices up 25sen per litre effective midnight; RON95 to cost RM1.95; RON97, RM2.25 and diesel, RM1.95— The Star (@staronline) February 28, 2015
The new pricing will be enforced throughout March
Domestic Trade, Co-operatives and Consumerism Minister Datuk Seri Hasan Malek said the new pricing was based on the average costs of fuel for February as well as the currency exchange rate as at 12.01am today.
“The Government will monitor the market prices of the product and the exchange rates to set the retail price for petrol and diesel in the following months,” he said.
According to the Rakyat Post, Deputy Finance Minister Ahmad Maslan tweeted at 8pm that the oil prices in Malaysia would follow the upward and downward trend in global oil prices
Minister Hasan Malek reminded all oil companies and petrol station operators to follow the new rates, failing which action would be taken against them
Petroleum Dealers Association of Malaysia deputy president Datuk Zulkifli Mokti said it had closely monitored world crude oil prices and based on its calculation, had expected prices to increase between 10 sen and 20 sen.
The extra five sen, he added, could be due to the weak value of the ringgit.
Earlier, motorists crowded petrol stations in Penang as early as 7pm to fill up their tanks before the new prices took effect. SMS and WhatsApp messages on the impending fuel hike were widely circulated, the Star reported.