SHAH ALAM, 28 Feb: The price of fuel will be up by 25 cents with RON95 at RM1.95, RON97 at RM2.25 and diesel at RM1.95 starting 12.01 am.
The Minister of Trade, Cooperatives and Consumerism, Datuk Seri Hasan Malek, said that the new price was determined according to the average price throughout February and the current exchange rate.
“The new pricing will take effective in March and the government will continue to follow developments in the market price of product costs and the currency exchange rate,” he said in a statement.
Prior to this, the Pandan Member of Parliament, Rafizi Ramli, said that a small increase in world crude oil prices became worse with the weak ringgit that is partly due to the problem of the over RM40 billion in debt incurred by 1Malaysia Development Berhad (1MDB) that is owned by the government.
He said that under the administration of Datuk Seri Najib Abdul Razak as the Prime Minister and the Minister of Finance, the currency rate of the ringgit has now fallen to the worst level since the 1998 Asian financial crisis.
NS
