Finance Minister, Lim Guan Eng has just said in a statement that Malaysians will see a reduction in the price of petroleum products like RON95 starting 1 January 2019. This will reflect the decline in global crude oil prices and pass on the savings to the end users.
On that note, Lim also confirmed that RON95 will adopt a weekly floating pricing mechanism come 1 January 2019 to better reflect lower global crude oil prices and pass on the savings (if any) more quickly to consumers. However, the minister has also stressed that should there be an increase in global crude oil price, the Federal Government will subsidise and cap the pump prices of RON95 at RM2.20/litre and diesel Euro 2M at RM2.18/litre.
Starting 7 June 2018, the Pakatan Harapan Government has subsidised and fixed the prices of RON 95 and diesel Euro 2M at RM2.20/litre and RM2.18/litre respectively. From the month of May to November 2018, the Government has expensed RM5.82 billion on fuel subsidies.
RON97 will also use a weekly floating mechanism starting next year and will also see a reduction in price at the turn of the new year.
