Fuel prices: RON97 drops five sen, RON95 and diesel unchanged

Petrol fuel Price to be announced. Art Chen/ The Star.

PETALING JAYA: The price of RON97 will drop by five sen per litre, while RON95 and diesel remain unchanged for the second week of August.

The Finance Ministry said the price of RON97 would decrease from RM2.54 per litre to RM2.49 per litre.

Meanwhile, RON95 petrol and diesel prices remain the same at RM2.08 per litre and RM2.18 per litre respectively.

The fuel prices will be in effect from 12.01am on Saturday (Aug 10) until Aug 16.

Under the Automatic Pricing Mechanism (APM) formula, the ministry said RON95 and diesel should have been priced at RM2.19 per litre and RM2.28 per litre respectively.

“This shows a decline for both RON95 and diesel from last week's retail price of RM2.24 per litre and RM2.33 per litre respectively, ” the Ministry said in a statement on Friday (Aug 9).

It added that prices of RON95 and diesel are capped at RM2.08 and RM2.18 per litre respectively, following the government's decision to stabilise fuel prices and to reduce the people's cost of living.

It said that with the stabilisation of RON95 and diesel, the estimated subsidies that would be borne by the government from Aug 10 to 16 would be RM59.28mil.

The weekly fuel pricing mechanism was reintroduced on Jan 5 under the APM.

Under this system, weekly fuel prices are announced every Friday and remain in force for one week.