Fuel prices to drop across the board

Effective midnight, the retail price for RON 95, RON 97 and diesel will drop, according to Chinese media reports.

Both Sin Chew Daily and Oriental Daily News reported that RON95 and RON97 will drop by six sen, bringing the respective pump prices to RM2.21 and RM2.48.

Whereas for diesel, there will be a drop of seven sen, bringing the new retail price to RM2.14.

Fuel prices are now based on the new weekly ceiling price system.

Companies that wish to sell below the weekly ceiling price must seek an approval from the Domestic Trade Co-operatives and Consumerism Ministry.

Monthly fuel prices were previously determined based on a managed float system called "Automatic Pricing Mechanism" (APM).

It determines the month's fuel price by factoring the average market value of a particular fuel and the ringgit's strength in the preceding month.- Mkini