RON-95-Petrol

It's the end of the month, and as usual, "news" about impending fuel price hikes have gone viral. Today, we have seen one saying that the price of RON 95 petrol will go up by 15 sen, with a 20 sen increase for RON 97 and diesel.

The Domestic Trade, Cooperatives and Consumerism Ministry has come out to urge the public to not be influenced by such rumours, the New Straits Times reports. The KPDNKK's new minister, Datuk Hamzah Zainudin, said his ministry was not involved in pricing the fuel. "The ministry does not decide the new price for RON95, RON97 and diesel.

"We at the ministry give our input and look in terms of acceptance whether the price of petrol and diesel should increase or not. Hence, we do not know the new price (of fuel) as claimed by certain parties," he told reporters today.

The retail price for petrol and diesel is set by the Finance Ministry using a managed float system. Under the system, retail prices will be based on the monthly average global price of crude oil. KPDNKK used to announce fuel prices at the end of every month, but that has stopped since June, announced by former minister Datuk Hasan Malek.

Guess, we'll have to find out ourselves at the pump later...