The government has set a lower price cap for RON95 at RM2.05 per litre, and diesel at RM2.15 per litre effective immediately.
This is 3 sen lower than the RM2.08 and RM2.18 caps for RON95 and diesel respectively set by the previous Pakatan Harapan government.
The decision came as oil prices continued to climb to almost pre-Covid-19 prices.
On Saturday, the price of RON95 rose to RM1.93 per litre from RM1.90 previously, while the price for diesel increased 4 sen to RM2.11 per litre.
Finance Minister Tengku Zafrul Abdul Aziz in a statement today said the government will subsidise the difference if fuel prices exceed the ceiling price.
The fall in oil prices last year had a significant impact on the economy.
De facto Economy Minister Mustapa Mohamad had said the government loses RM300 million for every US$1 drop in oil per barrel prices. - Mkini
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