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The prices of RON97 petrol will be increased by 10 sen effective midnight, said an industry source today.

With the increase, RON97 petrol will now cost RM2.50 per litre (previous RM2.40).

This is the fourth month in a row in which the price of RON97 had been increased.

The price of RON97 rose to RM2.15 per litre on Nov 2, RM2.30 per litre on Dec 1, then RM2.50 on Jan 4.

The price of RON97, mostly used by high-capacity cars, is controlled through a managed float.
The managed float was introduced last year while a new but lower quality grade of petrol, RON95, was also introduced and is currently priced at RM1.90.

Earlier last year, the government through the Performance Management and Delivery Unit (Pemandu) had been trying to prepare the public for cuts in subsidies for essential goods.

Pemandu argued that subsidy cuts, which it dubs "subsidy rationalisations", was necessary to reduce a burgeoning government subsidy bill.

However, critics argue that subsidy cuts would affect the lower income group and cause inflation.
They say that the government should instead go on an austerity drive, swiftly plug leakages and stamp out graft.