Price Of RON95 Petrol in Malaysia To Go Up!!

Kuala Lumpur- As the price of crude oil has risen to US$60 (RM216.50) from the previous price of US$48 last month, the price of petrol in Malaysia will likely reflect the higher price in the coming month. 

The current price for RON95 petrol stands at RM1.70 a litre, RON97 petrol at RM2.00 a litre and diesel sharing the samce price as RON95.

With the new hike in prices, it is estimated that the price of RON95 will likely climb higher, as the price is now derived from a managed float system that is reviewed on a monthly basis. 

This comes as the government slashed fuel subsidies two months ago, which peaked at RM20 billion ringgit per annum when the price of crude oil was high.

However, with the US producing oil at a higher rate, demand has slowed and with OPEC, the cartel of major global oil producers, having decided not to cut out the supply of crude oil produced daily, prices have dropped sharply since June last year. 

Despite the increase in price, a report by the BBC estimated that the price will recover slowly to around US$70 by 2019 market experts forecasting a price range of US$40 - US$80 in the next few years.  

- Malaysian Digest