We’ve all seen this coming, as announced by the government earlier this year regarding a possible price hike for petrol. Fuel prices for RON95 and diesel will both be increased by 20 cents tonight at 12.01am, according to a report by The Star. New pricing for the RON95 is RM2.30 per litre, whereas the diesel will be priced at RM2.20 per litre.
The move was in line with the Domestic Trade, Cooperatives and Consumerism Ministry’s subsidy rationalisation plan to ensure that the country’s finance remain strong. It’s also a move to curb fuel smuggling by irresponsible parties.
“Despite the increase, the Government will still need to spend more than RM21bil on fuel RON95, diesel and LPG subsidies for this year. The Government will continue to implement the subsidy rationalisation in stages so as to not burden the lower income group.”
“We understand that fuel price increase will affect the economy and the people. Therefore, we will continue to provide incentives to the lower income group to alleviate their burden,” said the Ministry.
The current market price for RON95 is RM2.58 per litre while diesel is RM2.52 per litre.