This news comes as no surprise, considering the fact that the price for our unsubsidised RON 97 fuel fluctuates depending on global crude oil prices, by the barrel that is. It’s now priced at USD74.61 per barrel, sold by West Texas Intermediate (WTI).
As at 12:00am of 19 November 2014, the RON 97 fuel is priced at its lowest since mid 2012 – now at RM2.55 per litre. It was priced at RM2.60 in July 2012.
According to a report by The Malaysian Insider, Deputy Finance Minister Datuk Ahmad Maslan confirmed the price reduction on his Twitter account by attaching a photo of a letter sent to Petronas Dagangan with details pertaining to the change of price.
The price for subsidised fuels – RON 95 and diesel – however, remains unchanged and are priced at RM2.30 and RM2.20 per litre respectively. Both prices were upped 20 cents on 2 October 2014.