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KUCHING, Jan 4: Good news for motorists! They will be paying less for petrol at the pumps from midnight tonight.
The price of RON95 petrol will drop 27 sen from RM2.20 per litre to RM1.93 per litre from midnight.
RON97 petrol will also see a 27 sen drop, retailing at RM2.23 per litre, while the price for diesel will drop from RM2.18 per litre to RM2.04 per litre.
Reverting to the weekly price float system, Finance Minister Lim Guan Eng revealed in a statement today that the new retail prices for the petroleum products would take effect from Jan 5 to 11.
According to Malaysiakini, Lim said the petrol price announcements would be made every Friday and take effect on Saturdays.
He added that the federal government was committed to ensuring that consumers pay less at the pump if global oil prices are down but will cap RON95 petrol at RM2.20 per litre and diesel at RM2.18 per litre should oil prices go up.
Meanwhile, Lim said the cabinet had agreed to increase the margins for petrol dealers, which had remained unchanged since 2008.
The allowable margin for RON95 petrol is now RM0.15 per litre, up 23 per cent. For diesel, the margin is now RM0.10 per litre, up 42 per cent. — DayakDaily