After the increased on petroleum products last February 8 to 14, petrol and diesel prices are down effective today until 21 February 2018!
The Domestic Trade and consumer affairs have announced that RON 95 petrol dropped down 10 cents, RON 97 decreased 11 cents while diesel fell 12 cents.
Fuel prices for this week:
RON 95: RM2.23 / liter
RON 97: RM2.50 / liter
Diesel: RM2.19 / liter
Retail price fuel mechanism
Since the country is experiencing continuous decline in international crude oil prices, the government implemented the floating system in December 2014 which determines the oil retail price in the country following the international market.
Hence, many oil company owners complained about their losses due to oil price fluctuations, so the government mandated a weekly mechanism on the price of oil, which took effect last March 2017.
In accordance to the implementation, oil prices are based on the discretion of the petrol filling stations, thus, if they want to make a promotion, they should apply it to the government beforehand and they cannot sell it at a price exceeding the top price.