The retail price of RON97 petrol will increase by 37 sen per litre for a one-week period starting at midnight tonight, the Finance Ministry announced today.
This brings the price of the fuel to its highest in recent years at RM4.31 per litre.
Based on data compiled by the financial news site RinggitPlus, which dates back to Jan 4, 2018, the next highest RON97 price was RM4.00 recorded on the week of March 17 to March 23 this year.
The prices of RON95 and diesel - which the government subsidises - remain unchanged at RM2.05 per litre and RM2.15 per litre, respectively, for the coming week.
The fuel prices are set by the government and adjusted weekly using the Automatic Pricing Mechanism (APM) formula, which is based on US-dollar denominated benchmarks of these fuels.
“The government will continue to monitor the trends of global crude oil prices and take appropriate measures to ensure the continued welfare and well-being of the people,” Bernama quoted the ministry as saying.
The rising RON97 price comes as the war in Ukraine further exacerbates rising global fuel and energy prices, while the value of the ringgit against the US dollar is currently at a two-year low.
In March, Finance Minister Tengku Zafrul Abdul Aziz told the Dewan Rakyat that the government expects to spend more than RM2.5 billion per month on petrol, diesel and LPG subsidies if crude oil prices exceed US$100 per barrel.
“If the world crude oil price remains above US$100 per barrel, the total subsidy for the whole of 2022 is expected to reach RM28 billion compared to RM11 billion for 2021,” he said.
Brent crude oil price has mostly stayed above US$100 per barrel since the conflict between Russia and Ukraine escalated in February and is now at US$102.46 per barrel. - Mkini
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