Ceiling price for RON95 fuel brought down by 12 sen to RM2.08

PETALING JAYA: The finance ministry has lowered the retail ceiling price of RON95 fuel from RM2.20 to RM2.08.

It said this is an initiative to help the B40 lower-income group.

Finance Minister Lim Guan Eng said such an effort “was never undertaken by the previous government”.

“The reduction in the price of RON95 petroleum products is in line with the Pakatan Harapan’s aspiration to reduce the cost of living of the rakyat,” added Lim in a statement.

He said the cap on the ceiling price will be abolished in the middle of the year when a targeted subsidy scheme for petroleum products is implemented.

He said the Cabinet made the decision at its meeting today, taking into consideration the upward movement of crude oil in the world market.

The retail price of RON95, RON97 and diesel will continue to be set according to the Automatic Price Mechanism (APM) on a weekly basis and announced every Friday.