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RON95 and diesel up 20 sen, RON97 up 15 sen for January 2017
Published:  Dec 31, 2016 7:57 PM
Updated: 12:05 PM

The retail price for RON95 petrol and diesel will go up by 20 sen per litre respective effective January 2017.

This brings the price of RON95 petrol to RM2.10 per litre and diesel to RM2.05 per litre.

As for RON97 petrol, the retail price will increase by 15 sen to RM2.40.

The new prices will come into effect after midnight tonight.

 

 

The government determines the prices of fuel through a managed float system.

It takes into account several factors, including the global price of crude oil and the country’s currency strength in the previous month.

The price of Brent Crude Oil has steadily increased after the Organisation of the Petroleum Exporting Countries (Opec) struck a deal to cut output in order to curb oversupply and stabilise oil prices.

The deal also involved non-Opec members including Malaysia, with Petronas pledging to scale down oil production beginning next year.

Brent Crude Oil had shot up from US$50.47 per barrel at the beginning of this month to US$56.82 per barrel yesterday.

Meanwhile, the Malaysian ringgit continued to weaken, falling to the lowest level since the Asian financial crisis in 1998.

The ringgit’s top strength this month was at RM4.42 to one US dollar but had since weakened to RM4.48 yesterday.

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