RON 95 drops 7 sen, now RM1.82 per litre

Fuel prices have dropped for a second week in a row in tandem with plunging global oil prices.

RON95 is down seven sen to RM1.82 per litre, while RON97 and diesel are both down nine sen to RM2.10 and RM1.87 per litre respectively.

In a statement, the Finance Ministry said the falling oil prices were due to the Covid-19 pandemic's effect on the global economy, as well as disputes among major oil-producing countries.

"As a measure to stabilise the fluctuating fuel prices to consumers, as well as balancing the instability of fuel prices to the government, the retail price for RON95 and diesel were both reduced to RM1.82 and RM1.87 respectively," it added.

Demand for oil has been dropping amid the Covid-19 outbreak.

Last week, the Organization of the Petroleum Exporting Countries (Opec) had tried to get Russia on board on a deal to cut oil production and shore up prices.

However, Russia rejected the deal, resulting in retaliation from Saudi Arabia, which had threatened to flood the market with oil. - Mkini