PUTRAJAYA: The retail price of RON95 petrol will drop four sen to RM2.04 per litre for the Feb 8-14 period.

Meanwhile, RON97’s price will decrease seven sen to RM2.34 per litre and the price of diesel will fall 10 sen to RM2.08 per litre, Finance Minister Lim Guan Eng announced at a media conference today, which was also attended by Domestic Trade and Consumer Affairs Minister Datuk Seri Saifuddin Nasution Ismail.

The lower retail prices were in line with the fall in global oil prices, Lim said.

He noted that there was a large reduction in RON95 and diesel prices compared with the preceding week’s (Feb 1 to Feb 7) prices of RM2.11 per litre for RON95 (but capped at RM2.08 per litre) and RM2.18 per litre for diesel.

Lim reiterated the government’s commitment to stabilise the prices of petroleum products in line with Pakatan Harapan manifesto’s pledge, adding that it had implemented the setting of retail fuel prices on a weekly basis, with RON95 and diesel prices capped at RM2.08 per litre and RM2.18 per litre, respectively.

“This will allow consumers to benefit from any change in price faster in tandem with the decline in global petroleum product prices while being shielded from any hike in prices above RM2.08 per litre for RON95 and RM2.18 per litre for diesel,” he added.

He disclosed that the government spent RM6 bil to subsidise petroleum and liquefied petroleum gas products last year.

Asked whether the fall in petroleum prices would influence the economic stimulus package to be announced, he said the matter would be assessed according to the year-long impact.

“When we talk of an economic stimulus package, what we view as important is ensuring a stable and sustainable growth – that is our priority,”  he said.

On whether the government-imposed petrol ceiling price would be reviewed given the current downward trend in oil prices, Lim said the ceiling price was already set at a low level. – Feb 7, 2020, Bernama

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