THE Government has set lower prices for petrol and diesel for the month of January.
Prices for RON95 and RON97 petrol have been reduced by 35 cents per litre from Jan 1, while diesel is down by 30 sen.
RON 95 now costs RM1.91 per litre while RON 97 is RM2.11. Diesel prices has been fixed at RM1.93 for diesel, the Domestic Trade, Cooperative and Consumerism Ministry said in a statement on Wednesday.
According to historical data, the respective fuel prices are the lowest since May 2013 when fuel was still subsidised. The 35 sen cut is the largest single drop in prices at the pump since at least year 2000.
Minister Datuk Seri Hasan Malek said that the Government would continue to monitor the market price of petrol and diesel, as well as currency exchange rates, in the coming months.In November, Putrajaya announced that it would remove all fuel subsidies effective December 1 and use a managed float method to determine the retail price of fuel. Through the managed float method, the average change in the product cost will determine pricing on a monthly basis.
World crude oil prices are hovering at the U$S54 per barrel mark this week.