The government has yet to announce new fuel prices following the Cabinet’s first meeting of the year, according to The Star. As previously stated by finance minister Lim Guan Eng, fuel prices, including for RON 95 petrol, will be floated and set on a weekly basis from January 1, 2019.
The move is said to benefit consumers as they can enjoy lower fuel prices faster due to declining global crude oil prices. However, it appears that the new system is temporarily put on hold as the government reviews the system and comes up with a decision.
Since the start of the new year, fuel prices have remained unchanged from what was announced in December 2018, with RON 97 retailing at RM2.50 per litre, RON 95 at RM2.20 per litre and Euro 2M diesel at RM2.18 per litre.
The report also revealed that petrol dealers had met with prime minister Tun Dr Mahathir Mohamad to voice their concerns over the weekly float system. A proposal was also presented for consideration to ensure they would not suffer losses when the new system comes into effect.
“We were told that the Cabinet will discuss and decide on the petrol issue,” said Petrol Dealers Association Malaysia (PDAM) president Datuk Khairul Annuar Abdul Aziz. He added that the association had explained their predicament to the prime minister on the matter, and hopes for a favourable outcome.
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