Based on the weekly retail pricing of petroleum products using the Automatic Pricing Mechanism (APM) formula, the retail prices of petroleum products from 10 February 2022 to 16 February 2022 are fixed as follows.
The retail price of RON97 increased by 9 sen from RM3.12 per litre to RM3.21 per litre while the government continues to subsidise for the RON95 and Diesel. The retail price of RON95 petrol remains unchanged at RM2.05 per litre, and the retail price of diesel remains unchanged at RM2.15 per litre.
Ministry of Finance states that to protect the consumers from global oil price increases, the Government will maintain the ceiling price of RON95 at RM2.05 per litre and diesel at RM2.15 per litre, even though the market price APM for RON95 and diesel has increased beyond the current ceiling price.
Global crude oil prices have been on the tear, with Brent towering above the US$90 range, uncertainties in Ukraine and an increase in demand is pushing oil prices. While it’s good for oil-producing nations, the impact is causing daily consumer goods to see price go up as well.
