The government has announced the planned fuel price revision for the first week of January 2019, in line with the planned move back to a weekly float system. Originally slated to begin from January 1, the mechanism will now start from midnight tonight, and as anticipated, prices are down.

From tomorrow, January 5, the retail price of RON 95 will be RM1.93 per litre (down 27 sen from the RM2.20 that has been fixed in place since May 30, 2018). Euro 2M diesel, meanwhile, now retails for RM2.04 per litre (down 14 sen from the RM2.18 that has also been in place since May last year). Thus, Euro 5 diesel, always 10 sen more than standard diesel, is now priced at RM2.14 per litre.

As for RON 97, the fuel, which has been priced on a market float basis since June 7 last year, sees its retail price drop to RM2.23 per litre (down 27 sen from the RM2.50 it was for the whole month of December 2018).

These prices will be in effect until January 11, when the next set of fuel price adjustments will be announced. According to finance minister Lim Guan Eng, the retail price of petroleum products will be re-adjusted on a weekly basis according to the controlled float method under the formula of the Automatic Pricing Mechanism (APM), in line with the current downward trend in oil prices in the world market. Fuel prices are set to be announced every Friday, and will be effective from Saturday until the next Friday.