PETALING JAYA: It is good news for motorists whose vehicles are petrol-driven – prices are down for the fourth week of June, but for those using diesel, the prices remain unchanged.
From Thursday, RON95 is down by seven sen from RM1.98 per litre to RM1.91, the price of RON97 is down by seven sen from RM2.24 per litre to RM2.17 per litre, the Star online reported quoting a post on the Domestic Trade, Cooperatives and Consumerism Ministry’s Twitter account.
The prices were later announced on RTM1 on Wednesday evening.
As for Euro 2M diesel, the price remains at RM1.88 per litre (which was down six sen from RM1.94 previously) this week, while Euro 5 diesel continues to be pegged at RM1.98 per litre (down six sen from RM2.04 previously).
The new prices will be in effect until June 28.
The weekly fuel pricing mechanism came into effect in April this year.
Prices of petrol and diesel had been placed on a managed monthly float system since Dec 1 2014 following the removal of fuel subsidies.
On Tuesday, Domestic Trade, Cooperatives and Consumerism Minister Hamzah Zainudin said the ceiling prices for petrol and diesel will continue to be announced weekly.
He said the new formula to determine the fuel prices aimed at stabilising the national oil industry was still being studied.
Hamzah said he had met with oil industry players to discuss the formula to ensure that it would not be a disadvantage to any party.
Last Friday, he said a new formula to fix fuel prices would be announced to prevent petrol station operators from suffering losses if prices continue to fall under the current method.
Hamzah said the Government wanted a win-win formula for all parties, including consumers who would also be affected if petrol station operators went bankrupt.