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Deputy finance minister Datuk Ahmad Maslan has said that if global oil prices continue to tumble, RON 95 petrol and diesel may be priced under RM2 a litre from January 1, according to a Bernama report.

“If the downtrend in global oil prices continues over the next 10 days, I am confident that RON 95 and diesel can be fixed at below RM2 per litre,” he said, adding that in the first 18 days of December 2014, the average prices of both fuels had dropped under that mark.

Since fuel subsidies were discontinued at beginning of December, prices are now based on a managed float system, which will be reviewed monthly. Current retail pricing for RON 95 is RM2.26 per litre (down four sen from previously), while RON 97 is priced at RM2.46 per litre (down nine sen). Diesel, meanwhile, is priced at RM2.23 per litre (up three sen).

The government also announced that a simplified version of the formula used to calculate the price of RON 95 petrol and diesel would be made public soon, allowing the rakyat to know exactly how fuel prices are derived. Expect some kind of announcement soon on fuel prices.