It looks like the price of petroleum is back to the weekly floating system starting midnight today.
According to Malaysiakini, RON95 will be priced at RM1.93 per litre − 27 sen reduction from the previous RM2.20 per litre.
RON97 also drops the same amount from RM2.50 to RM2.23 per litre. Diesel is cheaper by 14 sen, from RM2.18 to RM2.04 per litre.
The new prices will start at 12.00am on Saturday (Jan 5) until the next rotation on January 11, Finance Lim Guan Eng announced today.
This marks the officiation of the Automatic Pricing Mechanism (APM) where it will announce the pricing of the fuels every Friday and take effect on Saturday.
Lim said the government is committed to lowering down the fuel prices whenever the global crude oil prices go down but they would cap RON95 petrol at RM2.20 per litre and diesel at RM2.18 per litre should the prices ever go up.
In the past week, Petroleum Dealers Association of Malaysia (PDAM) protested against the government’s move to turn back to the weekly floating system, The Edge reported. This was the reason why some petrol stations stopped their service past midnight as a sign of demonstration.
However, the government had listened to their plead and increased their commission margin. Starting now, petrol station operators make 15 sen per litre for RON95 and 10 sen per litre for diesel products.
The previous profit margin was unchanged since 2008.
Well, it looks like a win-win for all of us. Happy fueling, people!
What a great way to start 2019. Remember to share this article with your friends and family so that they know about the price drop.