Its official, the Ministry of Finance (MoF) Malaysia has just announced that pump prices of RON95 will be RM1.93 per litre and Diesel Euro 2M will be at RM2.04 per litre starting midnight tomorrow (5 January 2019).
This marks the first time RON95 and diesel Euro 2M have seen a downward revision since March 2018. From tomorrow onwards, motorist will enjoy cheaper RON95 from RM2.20/litre to RM1.93/litre and Diesel Euro 2M from RM2.18/litre to RM2.04/litre. Pump prices of RON97 will also be 27 sen cheaper at the stroke of midnight down from RM2.50/litre to RM2.23/litre.
Effective immediately, all petroleum products will adopt a weekly floating pricing mechanism to better reflect global crude oil pricing movements. However, should global crude oil prices increase, the Pakatan Harapan Government will provide subsidies to cap the price of RON95 to RM2.20/litre and Diesel Euro 2M at RM2.18/litre.
This announcement comes after a cabinet meeting, chaired by Prime Minister Tun Dr. Mahathir Mohamad on Wednesday (2 January 2019). The final fuel price was determined after discussions with all relevant stakeholders including Petroleum Dealers Association of Malaysia (PDAM) which takes into account dealer commission and margins.