KUALA LUMPUR - Effective today, the price of RON97 petrol has increased by 15 sen to RM2.85 (S$1.11) per litre.
Malaysian Petrol Dealers Association president Datuk Hashim Othman said the retail price of RON97 is fixed based on a managed float with the monthly price determined by market forces.
He said the price hike could have been influenced by world events, such as the looming threat of war by the United States against Syria.
"The decision made by the US to interfere in the ongoing conflict in Syria could have contributed to the hike. This is because all international financial transactions are made in US dollars."
Hashim, however, believed the price increase would not affect the low and middle-income earners because the fuel is used by luxury car owners.
The last time RON97 petrol saw a major price increase was in September last year when it retailed at RM3 per litre.
However, the price was subsequently reduced to RM2.90 in March and cut again by 20 sen after the 13th General Election to RM2.70.
The RON97 price hike comes two days after the government had on Tuesday announced that the prices of RON95 petrol and diesel have been increased by 20 sen.