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KUALA LUMPUR (Feb 27): The price limit of RON95 petrol has been reduced to RM2.08 a litre, according to Finance Minister Lim Guan Eng.
According to a statement today, Lim said price trends worldwide in the petroleum product market have seen increases. However, a decision has been made at the Ministerial Meeting today to reduce the price cap of RON95 petrol to RM2.08, from RM2.20.
*MOF: Petrol retail price up 10 sen between Feb 23 and March 1, diesel stays unchanged
This means that the price of RON95 petrol will now not exceed RM2.08, and any decreases would result in prices being below the newly updated upper price ceiling.
Lim said that while the weekly automatic price mechanism was introduced in January so consumers could enjoy changes in global petroleum prices, the previous RM2.20 limit was put in place to protect consumers from price increases.
He added that through the weekly changes, retail petrol prices would reflect increases and decreases in global petrol prices, with RON95 being previously capped at RM2.20 and diesel at RM2.18.
The price cap at RM2.08 would be cancelled once the targeted petrol subsidy is executed in the middle of the year, said the Minister.
He added that the decrease in retail price levels for RON95 petrol was in line with the Government’s commitment to reduce the cost of living for the rakyat. — theedgemarkets.com
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