RON95 price cap lowered to RM2.08

PUTRAJAYA: The government has decided to cap the retail price of RON95 petrol at RM2.08 per litre, down from the previous RM2.20, Finance Minister Lim Guan Eng said yesterday.

He said the decision was made at the weekly Cabinet meeting today after taking into account the current trend in the market prices of petroleum products.

“This means that the retail price of RON95 will be capped at RM2.08 per litre even if the world oil price rises higher.

“If the world oil price falls, the weekly price of RON95 petrol will be lower than RM2.08,” he said in a statement.

Lim said the lowered price cap of RON95 petrol was in line with the Pakatan Harapan government's commitment to helping to reduce the cost of living.

Lim said the retail prices of RON95 and RON97 petrol and diesel would be announced weekly based on the automatic price mechanism.

In January, the government maintained the retail price of RON95 petrol and diesel at RM2.20 per litre and RM2.18 per litre, respectively.

Lim said the price cap would be abolished once the targeted subsidy system for RON95 petrol is implemented in the middle of this year. - Bernama