Fuel prices up by 25 sen from today

Mad rush Motorists crowding petrol stations in Penang as early as 7pm to fill up their tanks before the new prices took effect. SMS and Whatsapp messages on the impending fuel hike were widely circulated.

PETALING JAYA: Motorists will pay 25 sen more for RON95, RON97 and diesel from today.

Domestic Trade, Co-operatives and Consumerism Minister Datuk Seri Hasan Malek said the new pricing was based on the average costs of fuel for February as well as the currency exchange rate as at 12.01am today.

The retail price for both RON95 and diesel is now at RM1.95 – up from RM1.70 – while RON97 is now RM2.25, up from RM2.

“The new pricing will be enforced throughout March.

“The Government will monitor the market prices of the product and the exchange rates to set the retail price for petrol and diesel in the following months,” he said.

He reminded all oil companies and petrol station operators to follow the new rates, failing which action would be taken against them.

Petroleum Dealers Association of Malaysia deputy president Datuk Zulkifli Mokti said it had closely monitored world crude oil prices and based on its calculation, had expected prices to increase between 10 sen and 20 sen.

The extra five sen, he added, could be due to the weak value of the ringgit.