Prices are valid from 10th to 16th Aug, 2019
The government has announced the planned fuel price revision for the first week of January 2019, in line with the planned move back to a weekly float system.
From January 5, the retail price of RON 95 will be RM1.93 per litre. RON 97, the fuel, which has been priced on a market float basis since June 7 last year, sees its retail price drop to RM2.23 per litre
Euro 2M diesel, meanwhile, now retails for RM2.04 per litre and Euro 5 diesel, always 10 sen more than standard diesel, is now priced at RM2.14 per litre.
These prices will be in effect until January 11, when the next set of fuel price adjustments will be announced. According to finance minister Lim Guan Eng, the retail price of petroleum products will be re-adjusted on a weekly basis according to the controlled float method under the formula of the Automatic Pricing Mechanism (APM), in line with the current downward trend in oil prices in the world market. Fuel prices are set to be announced every Friday, and will be effective from Saturday until the next Friday.
PUTRAJAYA – Prime Minister Tun Dr Mahathir Mohamad says the price of fuel will no longer be floated on a weekly basis and will be pegged to the present price.
“There will be no more (price) fluctuation. The present fixed price will stay. If it is not enough, the Government will subsidise,” he told a press conference yesterday.
The current fuel price is RM2.20 per litre for RON95, RM2.47 for RON 97 and RM2.18 for Euro 2M diesel.
The practice of the previous administration was to determine fuel prices on a weekly basis. The new price was announced every Wednesday at 5pm. Dr Mahathir said he would expedite the forming of the new Cabinet and for Parliament to convene for these laws to be repealed.
The government says that the price of RON 95 and diesel will be fixed, but that of RON 97 will follow market prices. Prime minister Tun Dr Mahathir Mohamad made the announcement at a press conference following a Cabinet meeting that was held earlier today.
This means that RON 95 petrol will remain priced at RM2.20 per litre and Euro 2M diesel at RM2.18 per litre, while Euro 5 diesel will be priced at RM2.28 per litre. As for RON 97 petrol, it is currently priced at RM2.47per litre – it was not stated when revisions based on market prices for the fuel will begin. Keep in mind that the price of RON 97 is currently GST-inclusive, and could be priced at RM2.33 per litre without GST, barring further announcements made by the government.
Petrol prices in Malaysia to take effect every Thursday.
The Malaysian government has changed the petrol prices from subsidised prices to the managed float on December 1, 2014. Under the managed float system, the government sets pump prices based on the average cost of refined oil (MOPS fuel) of the preceding month.
Petrol prices would be reviewed and revised according to the average price per litre of refined oil of the previous month on the first day of every month. This means that the retail prices for fuel will fluctuate corresponding to the monthly changes.
Minister Datuk Seri Hamzah Zainuddin made the announcement on RTM’s TV1 5pm news on Wednesday, and said that the new mechanism would allow consumers to enjoy a more stable retail price for fuel compared to the monthly pricing currently in use.
The new mechanism will come into effect on March 29. Weekly fuel prices will be announced every Wednesday and the new price will be enforced the next day. “The first announcement will be on Wednesday, March 29, which is next week and the new petrol and diesel prices will be enforced on March 30,” he said.
Hamzah also said fuel station operators will be allowed to give discounts on fuel, provided that prior permission is obtained from the ministry. “Station operators are reminded to adhere to the new prices and serious action will be taken against those who do not,” he said.
Hamzah said the ministry had had several consultations with oil companies, station operators, non-governmental organisations and other relevant parties before coming up with the change in the pricing mechanism. This was later presented to the Cabinet and the weekly price mechanism was approved on Feb 22. Earlier this month, Hamzah had announced that fuel ceiling price would be announced every week starting April and that it would be done on a Monday or Saturday.