PETALING JAYA: The price of premium RON97 petrol has gone up 14 sen to RM2.79 for the month of October.
However, the price of RON95 petrol and diesel are the same at RM2.20 and RM2.18 respectively.
The new price of RON97 petrol was announced on the Domestic Trade, Co-operatives and Consumerism Ministry's official Facebook account on Sunday (Sep 30) evening and took effect from 12.01am on Oct 1.
Finance Minister Lim Guan Eng had previously said that the price of RON97 is based on market movements while RON95 and diesel prices will remain unchanged until the end of 2018.
He had said the government had allocated RM3bil in subsidies for both RON95 and diesel, to ensure the price of these fuels would not be floated in the market.
The level of subsidies to maintain the price of RON95 and diesel will increase as the world oil price rises.
Over the last week of September, the price of crude oil breached the crucial level of US$82 per barrel due to the tightening of the market and the reluctance of the Organisation of the Petroleum Exporting Countries (Opec) leaders to immediately boost production.
A report by Bloomberg over the week noted that with the US sanctions on Iran taking full effect in early November, oil prices could rise to US$100 per barrel before the end of 2018- Star
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