The retail price of RON97 petrol will rise by 15 sen per litre to RM2.85 a litre from the previous RM2.70 per litre effective midnight nationwide, Malaysiakini reported.
This was confirmed by Perak Petroleum Operators Association’s President, Lee Chee Seng, when contacted by Malaysiakini earlier.
The increase was lower than the 20 sen for the price of RON95 petrol and diesel announced by the government yesterday.
The market price of RON97 is usually determined through a “managed float regime” that involves changes based on market factors and does not involve government subsidies.
The government sets a subsidy at 63 sen per litre for RON95 and 80 sen per litre for diesel.
This is the first price increase for RON97 petrol since the 20 sen retail price hike last March.
The retail price went down by 20 sen after the election on May 5th.
RON97’s price peaked at RM3 per litre in September 2012.
-malaysiakini.com