FUEL prices will fall across the board from tomorrow in keeping with Putrajaya’s promise to set a weekly retail price that reflects falling global prices.

Finance Minister Lim Guan Eng said in a statement that from tomorrow to January 11, the retail price for RON 97 will drop to RM2.23 sen a liter from RM2.50 while  the pump price for RON 95 will be reduced to RM1.93 from RM2.20 a liter.

Lim said the retail price for diesel would also be reduced to RM2.04 from RM2.18. 

“Starting from midnight, the retail price for RON 95 and RON 97 will drop to reflect falling global fuel prices.

“RON 97 will drop from RM2.50 to RM2.23 sen a litre and RON 95 will be reduced from RMRM2.20 a litre to RM1.93.

“The federal government will implement a weekly retail price (system) for petroleum products. This is to enable consumers to enjoy any price changes faster in line with the downturn in petroleum prices in the world market.

“The cabinet has decided to set the retail price of petroleum products on a weekly basis from midnight on Saturday,” Lim said.

Lim added that the retail price of petroleum products would be readjusted weekly according to the Automatic Pricing Mechanism (APM).

The announcement of fuel prices will be made every Friday, followed by its implementation every Saturday.

The decision, according to Lim, was made after a series of discussions between stakeholders and Pakatan Harapan leaders.

“The cabinet’s decision to readjust the price of petroleum has taken into account the views of all parties involved, including from the Petroleum Dealers Association of Malaysia (PDAM), which met with (Prime Minister) Dr Mahathir Mohamad.

“The government has agreed that oil station operators’ margins are adjusted to an additional 2.81 sen to 15 sen per litre for RON 95 and an additional 3 sen to 10 sen per litre for diesel products.

“The government is committed to stabilising the retail price of petroleum products and, at the same time, implementing a specific pricing (system) that will benefit the people,” Lim added. – January 4, 2019.