KUALA LUMPUR – 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 Datuk Seri Tengku Zafrul Tengku 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 rates for the commodity.
Tengku Zafrul said the ceiling prices for the both products are lower compared to the price caps implemented by the previous government in 2019, which were RM2.08 per litre for RON95 and RM2.18 per litre for diesel.
“The government will cover the difference between the actual market price and retail price, which is set weekly through subsidy allocations.
“This decision was made based on the upward trend in the actual market price for petroleum products following the higher demand for crude oil, which is influenced by the reopening of various economic sectors worldwide,” he said in a statement today. – Bernama, February 10, 2021
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