According to second finance minister Datuk Seri Johari Abdul Ghani, the weekly fuel price adjustments (following the managed float system) currently in place is highly appropriate at this time. He said this is because fuel prices in Malaysia are affected by the global market rate of oil, which is constantly changing.

“If you looked at the beginning of the weekly flotation method basis, (the price of) RON 95 has been reduced by 17 sen; 19 sen for for RON 97; and nine sen for diesel … people still benefit because the price is still reasonable and managed. However, the government is ready to take proactive measures should global oil prices increase dramatically,” said Johari.

This comes in response to the issue to rising fuel prices for the second and third week of April, which has been deemed a burden to consumers. Currently, RON 95 is priced at RM2.24 per litre and RON 97 is RM2.52 per litre. As for diesel, Euro 2M is priced at RM2.16 per litre while Euro 5 diesel retails for RM2.26 per litre.

For now, the domestic trade, cooperatives and consumerism ministry (KPDNKK) will not allow fuel retailers to offer discounts on fuel, although that could change in the future with proper guidelines in place.