The retail price of RON97 petrol has increased by 25 cents, making it a whopping RM4 per liter starting today, 17 March. RON97 was previously priced at RM3.75 per liter.
RON95 petrol and diesel, on the other hand, will remain at RM2.05 per liter and RM2.15 per liter respectively.
Kementerian Kewangan Malaysia (MOF) took to their Facebook page to reveal the new prices.
These prices will be implemented from 17 March until 23 March, 2022.
Based on a report by Utusan Malaysia, MOF shared that the retail price of petroleum products on a weekly basis is according to the Automatic Pricing Mechanism (APM) formula.
They also added that, in order to protect consumers from the effects of the actual increase in oil prices in the global market, the government has maintained a ceiling price of RM2.05 per liter for RON95 petrol and RM2.15 per liter for diesel.
The actual market prices for both RON95 and diesel have in fact, increased above their set ceiling prices, allegedly by more than 10 cents.
Stay tuned for more updates.
This post first appeared on WORLD OF BUZZ.
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