Wednesday, October 27

Fuel prices remain unchanged pending cabinet meeting

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Lim Guan Eng – Bernama file photo

KUALA LUMPUR: The retail prices of RON97, RON95 and diesel will remain unchanged at RM2.50, RM2.20 and RM2.18 per litre, respectively, for several days, until the Cabinet, which meets on Jan 2, 2019, decides on any changes.

Finance Minister Lim Guan Eng said the government would ensure the most optimal prices and retail prices of the latest petroleum products would be decided by the end of the first week of 2019.

“The Pakatan Harapan government is committed to implementing the retail price stabilisation policy and at the same time implementing prices that will benefit the people

“This means that when the price of petroleum in the world market is down, the retail prices of petroleum products will also be lowered to enable consumers to enjoy the immediate benefits of falling oil prices,” he said in a statement today.

Lim said in order to protect consumers from the impact of price increases, the retail prices for petroleum products would be retained at not more than RM2.20 per litre and RM2.18 per litre for RON95 and diesel, respectively, through subsidies.

He said the prices would be maintained at that level until the implementation of RON95’s petrol targeted subsidies in mid-2019, before the retail prices of petroleum products were floated at market prices. – Bernama