PETALING JAYA: The Government today announced a reduction in fuel prices, with RON95 and RON97 petrol down by 27 sen to RM1.93 per litre and RM2.23 respectively.
Diesel is down 14 sen to RM2.04.
The changes take effect from midnight.
The announcement also marked the resumption of the weekly managed float pricing scheme albeit with some changes.
Finance Minister Lim Guan Eng said fuel price changes, if any, will be announced every Friday and go into force the next day.
Should global oil prices rise, the Government has assured that RON95 petrol is capped at RM2.20 per litre and diesel at RM2.18 per litre.
In a concession to petrol dealers who had protested against the weekly pricing, the Government has approved a commision or margin increase to 15 sen per litre on RON95 petrol, 10 sen per litre for RON97 petrol and 10 sen per litre on diesel. This represented a 2.81-sen increase per litre or 23% hike for petrol and a 3-sen increase per litre or 43% hike.
The rates had not been revised since 2008, said Lim.
On targeted subsidies for RON95 petrol, Lim said it would be introduced in the middle of 2019.
