KUALA LUMPUR, May 31 — The pump price for RON97 petrol will drop by 13 sen, just ahead of the Hari Raya holidays next week.
Starting midnight, RON97 prices will be RM2.63 per litre, down 13 sen from RM2.76 the previous week.
The last time RON97 petrol was priced as low as RM2.63 per litre was in the two weeks following March 30.
Pump prices for RON95 petrol and diesel will be set at RM2.08 and RM2.18 per litre even though pump prices for both are supposed to be at RM2.33 and RM2.40 per litre respectively.
According to the Finance Ministry, fuel prices will be set for the next two weeks using the Automatic Pricing Mechanism (APM) because of the Hari Raya holiday season, and will return to the usual weekly fuel pricing after June 14.
"Based on the APM calculation, the pump price for RON95 and diesel for the same period is supposed to be RM2.33 per litre and RM2.40 per litre respectively.
"But pump price for both products have been maintained at RM2.08 per litre and RM2.18 per litre in line with the government's decision to stabilise the pump price for petroleum products to lessen the people's cost of living," the ministry said in a statement.
It added that the government will have to subsidise as much as RM165.27 million to maintain fuel prices for the next two weeks.