KUALA LUMPUR: The retail price of RON95 petrol fell 21 sen per litre to RM1.70 per litre while the price of RON97 fell 11 sen per litre to RM2 a litre effective today.
Domestic Trade, Cooperatives and Consumerism Minister, Datuk Seri Hasan Malek, said the retail price of diesel fell 23 sen per litre to RM1.70 per litre.
On Nov 21, last year, the government announced that from Dec 1, last year, it would fix the retail price of RON95 petrol and diesel according to the controlled flotation method.
“The new price of petrol and diesel is fixed based on the average cost price of the product during the month of January this year and currency exchange rates,” he said in a statement here last night.
He said the government would keep track of the market price of the product and currency exchange rates each time before fixing the retail price of petrol and diesel for the following months.
“All oil companies and petrol station operators are reminded to comply with this new pricing and strict action will be taken against those violating the new price set by the government.” — Bernama