Following the fuel price announcement for Week 2 of June 2018, the Ministry of Finance (MoF) released another statement saying the Pakatan Harapan Federal Government will fix the retail price of RON95 at RM2.20 per litre and diesel Euro 2M at RM2.18 per litre for the rest of the year.
The Federal Government will subsidise 33 sen per litre for all retail purchases of RON95 petrol and diesel Euro 2M for this week. Without the subsidy, RON95 and diesel Euro 2M would be priced at RM2.53 and RM2.51 per litre respectively.
An allocation of RM3 billion has been set aside to finance the subsidy and maintain the prices of RON95 and diesel Euro 2M till the end of 2018. To recap, global crude oil prices have reached a high of US$76 per barrel while refined petrol and diesel products are currently priced between US$87 and US$88 per barrel.
Today (7 June 2018) marks the beginning of RON97 petrol to be adjusted according to a managed float mechanism. Due to the steady recovery of global crude oil prices, RON97 was up 19 sen to RM2.66 per litre and will remain so until next 13 June 2018 (Wednesday).
Higher grade fuels like Petron Blaze RON100 and diesel Euro 5M remains unchanged from its previous price point of RM3.08 and RM2.28 per litre respectively.