RON-95-Petrol

It’s the end of the month, and as usual, “news” about impending fuel price hikes have gone viral. Today, we have seen one saying that the price of RON 95 petrol will go up by 15 sen, with a 20 sen increase for RON 97 and diesel.

UPDATE: Good news! Fuel prices for the month of August 2015 have been announced, and it turns out that the cost of all grades of fuel have been cut by 10 sen. As such, come midnight, RON 95 petrol will be priced at RM2.05 per litre, RON 97 petrol at RM2.45 per litre (inclusive of 6% GST), diesel at RM1.95 and Euro 5 diesel at RM2.05.

The Domestic Trade, Cooperatives and Consumerism Ministry has come out to urge the public to not be influenced by such rumours, the New Straits Times reports. The KPDNKK’s new minister, Datuk Hamzah Zainudin, said his ministry was not involved in pricing the fuel. “The ministry does not decide the new price for RON95, RON97 and diesel.

PENAFIANUntuk makluman, pihak KPDNKK tidak pernah mengeluarkan sebarang kenyataan berkenaan perubahan harga baru…

Posted by KPDNKK on Friday, 31 July 2015

“We at the ministry give our input and look in terms of acceptance whether the price of petrol and diesel should increase or not. Hence, we do not know the new price (of fuel) as claimed by certain parties,” he told reporters today.

The retail price for petrol and diesel is set by the Finance Ministry using a managed float system. Under the system, retail prices will be based on the monthly average global price of crude oil. KPDNKK used to announce fuel prices at the end of every month, but that has stopped since June, announced by former minister Datuk Hasan Malek.