Petrol prices fall for third week in a row

PETALING JAYA: Petrol prices have dropped for the third week in a row under the weekly pricing mechanism, with RON95 and RON97 going down by 10 sen per litre for the second week of May.

The price of RON95 petrol will be RM2.01 per litre compared with RM2.11 last week, while the price of RON97 petrol will be RM2.29, down from RM2.39 per litre last week.

The price of diesel is also down by 13 sen to RM1.95 compared with RM2.08 per litre last week.

The new prices come into effect on Thursday and will remain in effect until May 17.

With this price reduction, Malaysia will have the 10th cheapest petrol prices in the world, according to the website Global Petrol Prices. Prior to this reduction, Malaysia was No. 12.

The Domestic Trade, Cooperatives and Consumerism Ministry posted the new weekly fuel prices on Twitter.

Previously, its minister Datuk Seri Hamzah Zainudin announced that a new weekly fuel pricing mechanism would be used from April.

The prices of petrol and diesel had been placed on a managed monthly float system since Dec 1, 2014, following the removal of fuel subsidies.

With the new weekly mechanism, fuel prices will be announced every Wednesday and take effect after midnight.