The Government has announced a marginally lower price cap for RON95 petrol and Euro 2M diesel fuels; with immediate effect, RON95 fuel will be capped off at RM2.05 per litre, while Euro 2M diesel’s ceiling price is set at RM2.15 per litre.
The price cap is 3 sen lower respectively than the price ceiling set by the previous ruling government, of RM2.08 for RON95, and RM2.18 for Euro 2M diesel.
Finance Minister Tengku Datuk Seri Zafrul Aziz said that with the new ruling, consumers would only have to pay the ceiling price, regardless if international market prices force the price of fuel upwards beyond the mandated price, in which case, the government will bear the difference with subsidies.
Conversely, if global market prices go down, then pump prices will follow accordingly – which will be announced through the Automatic Price Mechanism (APM), on the Friday of every week.
The statement adds, “This decision was taken based on the rising market price trend of petroleum products following the increase in world crude oil demand which was also influenced by the reopening of various economic sectors around the world. The global oil price trend is also influenced by the COVID-19 vaccination plan, which is starting to be rolled out gradually around the world. Malaysia itself will launch its National Immunization Program starting at the end of February 2021,”
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