PKR vice-president Rafizi Ramli has repeated his warning that the price for RON95 petrol may be increased to RM2.20 per litre beginning Jan 1.

This, he said, was based on his own calculations using the government’s formula to calculate RON95 and diesel prices under the current managed float system.

Based on the trend of increasing global crude oil prices and weakening ringgit, Rafizi said his prediction was calculated using the latest Brent crude oil price of US$56.14 per barrel and the ringgit valued at RM4.485 to the US$.