Recently a report from the Malaysian Digest suggest that the petrol prices are going to be increased on the 1st of March, 2015. The RM1.70 for RON95 petrol will come to and end and new prices will be announced for both RON95 and RON97 petrol.
Currently, Malaysians are paying RM1.70 per litre for RON95 and RM2.00 per litre for RON97. The reason why there was a drop in the oil prices this month was because of the floating system that’s based on the monthly average of global crude oil prices for the preceding month.
The new managed float system was put in place by the government late 2014, after it had fully removed fuel subsidies which was reported to cost the government some RM20 billion a year.