PETALING JAYA: The prices of RON97 and RON95 petrol have dropped by nine sen and four sen per litre, to RM2.46 and RM2.26 respectively.
The price of diesel, however, has risen by three sen to RM2.23 per litre.
Domestic Trade, Cooperatives and Consumerism Minister Hasan Malek announced the prices for the month of December. He said similar announcements would be made at the end of each month – to set the following month’s fuel prices.
“Monthly prices will depend on world crude oil prices,” Hasan said.
“This means that if the world crude oil prices go up, pump prices of RON97, RON95 and diesel will also rise or vice versa,” he said in a statement yesterday.
The statement made no mention of Euro5 diesel that is now sold at RM2.30 per litre at selected BHP petrol kiosks in Johor.
“Action will be taken against any fuel company or petrol station operator failing to comply with the new fuel prices determined by the Government under the Control of Supplies Act 1961,” Hasan said.
Hasan said foreign exchange rates would be constantly monitored in determining the retail prices of petrol and diesel.
On Nov 21, the minister announced that all subsidies for RON95 petrol and diesel would be scrapped from Dec 1.
He said the retail prices for RON95 petrol and diesel would be fixed according to a managed float, similar to the mechanism dictating the RON97 petrol price since July 2010.
Subsidy on RON95 petrol and diesel was cut by 20 sen on Oct 2.
On Nov 19, a 20 sen drop in the RON97 petrol price was announced, bringing it to RM2.55, just 25 sen more than the price of subsidised RON95 petrol price at the time of RM2.30.
We're sorry, this article is unavailable at the moment. If you wish to read this article, kindly contact our Customer Service team at 1-300-88-7827. Thank you for your patience - we're bringing you a new and improved experience soon!