fuel price sept

Prime Minister Datuk Seri Najib Razak says that the abolition of the petrol subsidy for RON95 is not the main cause of fuel price hikes, and added that the pricing has not been impacted by the move, Bernama reports.

“The price of RON95 per litre today is lower than its previous price. When we abolished fuel subsidies, the price of RON95 in January 2015 was RM1.90 per litre compared with RM1.70 sen per litre today, even in March it reached its lowest price of RM1.60,” he said.

He added that the subsidy removal has saved the government billions of ringgit. “In 2013, the government spent RM29 billion on subsidies for RON 95, RON 97 and diesel,” he said. Subsidies for RON 95 and diesel fuels were removed in December 2014, with pricing determined by a managed float system.

As of April, RON 95 is priced at RM1.70 per litre (10 sen up compared to March), RON 97 at RM2.05 per litre (10 sen up), diesel at RM1.55 per litre (20 sen up) and Euro 5 diesel at RM1.65 (20 sen up).