RON-95-Petrol

Deputy finance minister Datuk Ahmad Maslan has indicated that prices of petrol and diesel fuels may continue to drop until January, according to a Bernama report.

Ahmad Maslan told the national news agency that the average weekly global oil prices up to the first week of December have been falling, increasing the possibility that RON 95 petrol, RON 97 petrol and diesel will be sold at lower prices in Malaysia.

“According to the trend this week, RON 95 will fall further, RON 97 will fall further, and diesel may fall further from RM2.23 per litre at present,” he added.

Since fuel subsidies were discontinued at the start of the month, prices are now based on a managed float system and stand at RM2.26 per litre (down four sen from previously) for RON 95 petrol, RM2.46 per litre (down nine sen) for RON 97 petrol and RM2.23 per litre (up three sen) for diesel.

Ahmad Maslan also mentioned that citizens should already be reaping the benefits from the recent drop in fuel prices if the businesses took the initiative to reduce the prices of basic items.

“The rakyat is waiting…(When prices of) fuel increase, prices (of goods) rise. (When) fuel prices down, (goods prices) don’t go down (yet),” he said.

Additionally, Ahmad said that the drop in RON 97 petrol price had caused demand for the fuel type in the country to shoot up, rising fivefold. However, he added that so far, there was no proof that certain parties were attempting to purchase the fuel in large quantities, with the intention of storing and reselling it once prices rise in the future.