Petrol, diesel prices go up in January

As expected, retail fuel prices will see an increase across the board as of midnight. For January, RON95 petrol will be priced at RM2.10 per litre, marking an increase of 20 sen compared to December retail price. RON97 petrol will be priced at RM2.40 per litre, up by 15 sen.

The same applies to diesel and Euro 5 diesel, which are priced at RM2.05 per litre and RM2.15 per litre respectively – an increase of 20 sen for both. These new fuel prices were confirmed by Petrol Dealers Association of Malaysia president Datuk Khairul Annuar Abdul Aziz. “Prices are in line with global petrol prices. However, the diesel prices which exceeded the RM2 mark will be a concern for the business community,” he told.

The country’s petrol and diesel prices have been placed on a managed float system from Dec 1, 2014 following the removal of fuel subsidies. Yesterday, Finance Ministry Strategic Communications director Datuk Lokman Noor Adam reportedly said that the retail prices of RON95 and diesel would go up in Jan due to an increase in the price of crude oil in the world market.

He said the retail price of RON95 and diesel were set according to the average prices of fuel in the world market for a month, as well as being influenced by the ringgit’s movement against US dollar.