KPDNKK revised petrol and diesel prices for January 2015

Folks,

Today, the Domestic Trade, Co-operatives and Consumerism Ministry (KPDNKK) issued a press statement about petrol prices for RON95, RON97 and diesel, which will be slashed effective tomorrow.

Here is the news that I have written about it:

KPDNKK cuts RON95 and RON97 by 35 sen, and diesel price by 30 sen beginning tomorrow

By Sulhi Azman

KUALA LUMPUR (Dec 31, 2014): The Domestic Trade, Co-operatives and Consumerism Ministry (KPDNKK) has announced that the retail petrol prices will be reduced by 35 sen each for RON95 and RON97, while the retail price for diesel will be reduced by 30 sen per litre, effective from 12:01am tonight.

The retail price reduction will see RON95 drop to RM1.91 per litre from RM2.11 per litre currently, while RON97 will drop to RM2.11 per litre from RM2.46 per litre and diesel will be reduced to RM1.93 per litre from RM2.23 per litre currently.

“The government will continue to follow market development in product cost and foreign currency exchange to determine the retail price for petrol and diesel for the coming months,” KPDNKK Minister Datuk Seri Hasan Malek, 68, said in a media statement this evening.

To recap, the government had on Nov 21 announced to rationalise the fuel subsidy by implementing the managed float system, where the monthly average of the world crude oil price would determine the retail fuel prices of the following month.

Earlier this month, the price of RON 95 were reduced by 4 sen to RM2.26 per litre, while the price for RON97 were slashed by 9 sen to RM2.46 per litre.

However, the price of diesel was increased by 3 sen from RM2.20 per litre.

It is worth noting that the World Bank had in its latest “Malaysia Economic Monitor” report said that the removal of fuel subsidies will help the government to save an estimated of between RM10 billion and 12 billion in 2015.

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