KUALA LUMPUR (Feb 10): The Government has decided to cap the retail prices of RON95 petrol and diesel at RM2.05 and RM2.15 per litre respectively, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.
He said the move was made to protect consumers from the effects of any drastic spike in oil price following the rise in global oil prices.
Tengku Zafrul said the ceiling prices for both products are lower compared with the price cap implemented by the previous government in 2019, which was RM2.08 per litre for RON95 petrol and RM2.18 per litre for diesel.
“The government will cover the difference between the actual market price and the retail price that is set weekly through subsidy allocation.
“This decision was made based on the upward trend in the actual market price for petroleum products following higher demand for crude oil, which is influenced by the reopening of various economic sectors worldwide,” he said in a statement today.
Tengku Zafrul said the global oil price trend was also influenced by the Covid-19 vaccination plan, which is beginning to gradually take off around the world, with Malaysia set to kick off its National Immunisation Programme later this month.
He said the Government remains committed to reducing the people’s cost of living and would monitor the effects of changes in global crude oil prices.
“Appropriate measures would also be taken to balance Government subsidies and to maintain the welfare and well-being of the people,” he added.- BERNAMA