Pump prices at petrol stations will be announced on Wednesdays, instead of Fridays, starting from today. The change of the day reverts to the same day in March 2017 when the Domestic Trade, Cooperatives and Consumerism ministry then switched from monthly to weekly revisions.
The new cycle starts from tomorrow, March 4 and will be effective for one week till March 10. The government will continue to use the Automatic Pricing Mechanism (APM) formula which determines the retail price based on a number of factors besides global oil prices.
However, while RON97 petrol is no longer subsidized, the government will continue to offset higher retail prices for RON95 petrol and biodiesel to protect consumers from the effects of rising real oil prices in the global market, according to a statement by the Ministry of Finance.
The ministry statement added that the government will continue to monitor the impact of changes in world crude oil prices and take appropriate measures to ensure the welfare and well-being of the people continue to be protected.
This means that the price per litre for RON95 petrol will be capped at RM2.05 while biodiesel will not rise beyond RM2.15. The retail price of RON97 and RON100 petrol will, however, fluctuate in accordance with global oil price trends.
Retail prices after midnight today will therefore be:
RON95 PETROL: RM2.05 | RON97 PETROL: RM2.35 | BIODIESEL (EURO2M): RM2.15
For the cleaner Euro5 biodiesel, an additional 10 sen will be charged per litre to cover the additional processing costs to reduce the sulphur content very significantly.
