If you’re using RON97 petrol for your vehicle, be prepared to pay even more at the pump starting tomorrow.
The Ministry of Finance has announced a further price increase of 25 sen per litre, bringing the cost of RON97 fuel from the current RM3.75 per litre to a record high RM4.00 per litre. For Myvi drivers, that would cost more than RM120 for a full tank of RON97 petrol.
The price for RON95 petrol and diesel remain unchanged under the current price cap. RON95 petrol still costs RM2.05 per litre while Euro 5 diesel (B10 and B20) costs RM2.15 per litre. Meanwhile, the Euro 5 diesel (B7) blend still retains the same capped price of RM2.35 per litre. The new fuel prices will take into effect from 17th to 23rd March 2022.
The recent price increase is driven by the current Russian invasion of Ukraine. As a comparison, the cost for RON97 petrol is RM3.00 per litre on 30th December 2021.
Finance Minister Tengku Zafrul Abdul Aziz said recently that the government could be paying up to RM28 billion in petrol, gas, and diesel subsidies this year if the global oil prices remain above USD 100 (about RM419) per barrel. Last year alone, Putrajaya spent RM11 billion in total energy subsidies.
Meanwhile, he told parliament that the government is looking into the best mechanism for targeted subsidies as the current blanket subsidies appear to help high-income earners more than those who need them the most.