KUALA LUMPUR, May 3 — The pump price for RON97 will be reduced by 1 sen per litre to RM2.80 for the coming week starting tomorrow, the Finance Ministry announced today.

The retail price for RON95 and diesel is unchanged, the ministry said in a statement.

It said, according to the Automatic Pricing Mechanism (APM), the retail price for RON95 and diesel over the next week should be at RM2.50 and RM2.47 per litre respectively.

"The retail price of the two products, however, will remain at RM2.08 and RM2.18 per litre, in line with the government’s decision to stabilise the petroleum retail price and lessen the cost of living.

"The estimated subsidised amount from the government between May 4 to May 10 is about RM130.45 million,” the ministry said.

The APM used for the weekly float system was implemented on January 5, with RON97 retailing for RM2.23 a litre, RON95 (RM1.93) and diesel (RM2.04).