PETALING JAYA: Since the implementation of the managed float system in December last year, the lowest price that RON95 petrol had touched was RM1.70, in February.

February also saw prices of RON97 and diesel at their lowest -  RM2.00 and RM1.70 - respectively.

Prior to the managed float, RON95 was selling at RM2.26, RON97 at RM2.55 and diesel at RM2.23.



Under the managed float,  retail prices would be based on the monthly average world price of crude oil with other factors also being considered.

The then Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hasan Malek said the average price difference in the cost of the fuels in a month would determine the retail prices for the following month.

Global crude oil prices have been on a downward slump since the middle of last year and though crude oil prices have recovered a number of times during the year, prices have dropped by almost a third from the same time last year.

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