KOTA KINABALU: A little good news; there’s no need for motorists to crowd at fuel stations today – Wednesday – in anticipation of a hike in fuel prices.
A news portal has reported that fuel prices will drop across the board for the first week of May under the weekly pricing mechanism.
According to the Star online, both RON 95 and RON 97 petrol will go down by 10 sen per litre respectively.
The price of RON95 petrol will be priced at RM2.11 per litre compared to RM2.21 last week, while the price of RON97 petrol will be RM2.39, down 10 sen from RM2.49 per litre last week.
The price of diesel is also down by six sen to RM2.08 compared to RM2.14 per litre last week, according to the portal.
The new prices come into effect on Thursday and will remain in effect until May 10.
The Domestic Trade, Cooperatives and Consumerism Ministry posted the new weekly fuel prices on Twitter.
Previously, its minister Datuk Seri Hamzah Zainudin announced that a new weekly fuel pricing mechanism would be used from April.
The prices of petrol and diesel had been placed on a managed monthly float system since Dec 1, 2014, following the removal of fuel subsidies.
With the new weekly mechanism, fuel prices will be announced every Wednesday and take effect after midnight.