The pump price of RON95 petrol has crossed the RM2.00 mark with this week’s revision adding another 10 sen. This brings the price per litre to RM2.08 after midnight tonight for the coming 7 days.
RON97 petrol, formulated to Euro4M standards, also has the same increase of 10 sen. Motorists will therefore pay RM2.28 at all stations nationwide from tomorrow until March 1.
Diesel prices have been maintained at RM2.18 per litre (Euro2M grade) for some weeks now, in accordance with a promise made by the government that if the cost has to go up, it will be offset by subsidies. According to the latest statement from the Finance Ministry, the actual price of diesel should be RM2.33 per litre, based on world oil prices.
The decision to cap prices of RON95 petrol (at RM2.20 a litre) and diesel would be important for businesses and industry. Not allowing the prices to keep rising can also help reduce inflationary trends as transport expenses won’t rise. However, that’s only a small part of inflation as there are other factors as well.