Finance minister Lim Guan Eng has announced that from January 1, 2019, fuel prices, including for RON 95 petrol, will be floated and set on a weekly basis.
The price of RON 95 petrol has remained unchanged at RM2.20 per litre, and the same applies to diesel as well – Euro 2M diesel retails at RM2.18 per litre, while Euro 5 diesel goes for RM2.28 per litre.
Meanwhile, the price of Ron97 was on an average monthly basis, however, starting from the month of December 2018, Ron 97 is being sold at pumps for RM 2.50 per litre.
Finance Minister, Lim Guan Eng said that the switch back to a weekly format was a positive move that will allow consumers to benefit faster from reductions in the fuel prices. According to Lim, the government will adjust fuel prices to be lower from January 1st, 2019. This is due to the current declining trend of global crude oil prices.
Lim also mentioned that should global crude oil prices observe a rise, the government will maintain the price of RON 95 petrol and diesel at RM 2.20 per litre and RM 2.18 per litre respectively. The Finance Minister noted that RM 5.82 billion has been spent to subsidise petrol products from May to November this year.