RON97 price hits record high at RM2.90 per litre

The price of RON97 petrol will soar to a record high of RM2.90 per litre by midnight - up 20 sen since the last increase a month ago.This is the seventh time the price of RON97 grade petrol had been increased in less than a year and the third time since Jan 31 after the government let the market determine the price.
RON97 was once the most common type of petrol used until the introduction of the cheaper RON95 in September 2009. At the time, RON97 cost RM1.80 per litre.

This grade of petrol - now mostly used by high performance vehicles and is the only petrol which can be bought by drivers of foreign registered vehicles - is priced through a managed float.Petroleum Dealers Association of Malaysia deputy president Zulkifli Mokti said the increase was due to the rise in the price of crude oil in the global market."But the price of RON95 and diesel remain unchanged," he said when contacted by Bernama tonight. The lower RON95 grade petrol remains at RM1.90 per litre.

Global crude oil prices have been on a steady rise since April due to political instability in the Middle East and is around the US$111 per barrel mark.In April, prices were hovering around the US$100 per barrel mark.The federal government has argued that it was incapable of sustaining low oil prices due to a burgeoning subsidy bill and it was necessary to have subsidies “rationalised”.However, critics argued that oil prices cannot be increased without first plugging leakages in government spending and installing mechanisms to control inflation.


Source : http://www.malaysiakini.com/news/163256