KUALA LUMPUR, Aug 16 — The retail prices of RON95 and RON97 petrol will continue to trend upwards for the next week.
From midnight till August 23, RON95 will increase three sen to RM2.15 a litre while RON97 will be up four sen to RM2.43 a litre.
The price of diesel dips two sen at the pumps and will retail for RM2.04 for the same duration.
The new price was announced by the Domestic Trade, Co-operatives and Consumerism Ministry on its social media channels this afternoon.
Putrajaya began the weekly announcements for the ceiling prices of fuel on March 29, after it discarded the monthly managed float system.
Domestic Trade, Co-operatives and Consumerism Minister Datuk Seri Hamzah Zainudin also confirmed today that the government will maintain the weekly retail fuel price announcements, national news agency Bernama reported.
He was quoted saying that the weekly announcement “is the best mechanism, because we really price them according to the market prices, there is no other way.”
The weekly float system ensures fairness to consumers and businesses in the fuel industry, he was quoted adding in his winding-up speech in the senate today.