RON97 hits record high with stealthy price hike
For the second time in less than a month, the federal government has quietly raised the RON97 grade petrol price.
For the second time in less than a month, the federal government has quietly raised the RON97 grade petrol price.
The RM0.30 a litre price hike took effect at midnight this morning, elevating pump prices to a record high RM3.00 a litre.
Pump prices were pushed up by RM0.10 a litre a month ago in a similar quiet fashion .
The last time any formal announcement was made was in July when Second Finance Minister Ahmad Husni Hanadzlah announced a RM0.20 a litre price reduction.
Since September 2009, RON97 prices have been determined by a managed float as part of the federal government's attempt to tighten its subsidy bill.
As a compromise, the federal government introduced the RON95 grade petrol at RM1.85 per litre.
It was raised to RM1.90 per litre in December 2010 and has remained unchanged since.
