Yesterday, the Ministry of Finance announced that the selling price of non-subsidized RON 95 gasoline would be determined on RM2.60 per liter the entire month of October. This price will of course apply to those who are not eligible for the benefits of Budi Madani Ron 95 (Budi95) Subsidy mechanism, in which all eligible Malaysian citizens a valid RM1.99 driving license per liter for the fuel from today, September 30.
According to Minister of Finance II, Seri Amir Hamzah Azizan, the non -subsidized price is determined for a month to enable the public to adapt to the operation of Budi95 before it is driven on the basis of global prices, such as the New Straits Times Reports.
This has no influence on subsidized Ron 95 under Budi95, where the selling price remains set at RM1.99 per liter for a 300 liters per month assigned for every eligible user.
“We will keep the RM2.60 price stable for a month stable to get everyone at ease with this price. Then the prices will be revised with diesel weekly under the automatic price mechanism, which reflects global market prices, since we also have to buy international stocks,” he said.
He said that the fuel prices would follow market movements, rise when worldwide prices rise and fall when they fall, similar to the mechanism that is applied to diesel. With reference to the removal of general diesel subsidies last year, he said that the selling price was at the time RM3.35 per liter, but since then has fallen to around RM2.93, in accordance with global oil prices.
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