A viral message claiming that there will be a significant price hike in petrol prices is unverified said the Petrol Dealers Association of Malaysia (PDAM).
Its president Khairul Annuar Abdul Aziz however, said a price increase was expected.
"The viral message is unverifiable... but based on our calculations we do expect an increase (for February).
"However, ultimately it is up to the government to set the price," Khairul Annuar told Malaysiakini.
RON95 petrol currently retails at RM2.10 per litre, diesel RM2.05 per litre, while RON97 petrol is selling for RM2.40 per litre.
The government determines the prices of fuel through a managed float system.
It takes into account several factors, including the global price of crude oil and the country’s currency strength in the previous month.
The price of Brent Crude Oil has steadily increased after the Organisation of the Petroleum Exporting Countries (Opec) struck a deal to cut output in order to curb oversupply and stabilise oil prices.
The deal also involved non-Opec members including Malaysia, with Petronas pledging to scale down oil production beginning next year.- Mkini