Back to RM2.80 a litre for RON97

    Of the estimated RM130.45 million used for subsidies, 77.8% is allocated to RON95 petrol.

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    Based on the Automatic Pricing Mechanism formula used by the Finance Ministry to determine the weekly retail prices of petroleum products, the pump price of RON97 petrol has been lowered by 1 sen, putting it back to the same price of RM2.80 a litre as the previous week. This price will be effective from today until May 10, 2019.

    78% of subsidies for petrol
    Prices for RON95 petrol and diesel remain unchanged as subsidies are being used to maintain their prices at RM2.08 and RM2.18 a litre, respectively. For the previous week, the government spent around RM133.62 million for this purpose but for this week, the estimated amount subsidised is RM130.45 million. 77.8% of the total amount is used for RON95 petrol.

    Analysts currently see worldwide crude oil prices average decreasing between 2019 and 2020. This is the ongoing trend expected by the decision of OPEC to reduce output by 1.2 million barrels a day from the October 2018 levels. Since the beginning of this year, members have been progressively cutting their output. This will steadily move prices up till the fourth quarter of the year and then stabilise before moving downwards.

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