According to Free Malaysia Today, retail fuel prices have just been announced for the coming week (5th – 11th January).
Finance Minister Lim Guan Eng stated that for the upcoming weeks, these fuel prices will be announced every Friday and take effect on Saturdays. These prices are based on a weekly float under the Automatic Pricing Mechanism (APM).
The most recently announced prices for 5th to 11th January are as follows:
- RON97: RM2.23 a litre (previously RM2.50)
- RON95: RM1.93 a litre (previously RM2.20)
- Diesel: RM2.04 a litre (previously RM2.18)
The decision on the mechanism on fuel prices was previously made by the cabinet earlier this week.
According to Malaysiakini, the weekly managed float system was introduced in March 2017 under the Barisan Nasional government, and petrol prices remained the same for months until GE14 (9th May 2018).
After Pakatan Harapan (PH) took over post-GE14, they pegged the price for RON95 at RM2.20 per litre throughout the second half of 2018 and promised to change to a targeted fuel subsidy system later in 2019.
Currently, the Finance Minister said that the government wants to ensure Malaysians will pay less for fuel if global prices are down. However, they will cap RON95 prices at RM2.20 per litre and diesel prices at RM2.18 per litre if prices go up globally.
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