The Government has announced that the pricing of regulated RON 95 petrol as well as diesel will be increased by 20 sen per litre as of midnight. The new price for RON 95 is RM2.10 per litre (up from RM1.90) and RM2.00 per litre for diesel (from RM1.80). No change has been announced for unregulated RON 97, which is priced at RM2.90 per litre.
Prime Minister Datuk Seri Najib Tun Razak made the announcement of the price increase earlier today, saying that the move is aimed at reducing the fiscal deficit and saving the government RM1.1 billion annually, according to news reports.
He added that despite the hike, the government is still subsidising RM0.63 sen for RON 95. This makes the actual price of RON 95 without subsidisation RM2.73 per litre at present. In August, the actual pricing for RON 95 was RM2.79, with government subsidisation amounting to RM0.89 sen petrol.
The subsidy for diesel in August was RM0.93 sen, with actual pricing for a litre of diesel being RM2.73.
Back in May, a rumour that began circulating about a price hike for both RON 97 and RON 95 proved to be just that. The rumour had suggested the pricing of both market float RON 97 would be increased by 80 sen for RON 97 to RM3.70 and by 40 sen for RON 95 to RM2.30.
The last time a price adjustment was made was on March 7, with RON 97 – which works on a managed float, with pricing determined according to market forces – having its retail price increased by 20 sen to RM2.90 per litre.
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