The price of fuel has fallen again with RON95 at RM1.70, as announced by the Domestic Trade, Co-operatives and Consumerism Ministry tonight.
The new price will come into effect at midnight.
The announcement was shared by Deputy Finance Minister Datuk Ahmad Maslan on his official Twitter account.
“Fuel has again fallen starting. Ron95 is RM 1.70 per litre, diesel RM1.70 and Ron97 RM2.00.
“More money for other expenses/increasing investments!” wrote Ahmad tonight.
For January, RON95 was at RM1.91, recording a drop of 21 sen, while RON97 is now RM2.00, down 11 sen from RM2.11 in January.
As for diesel, it is now at the same price as RON95 at RM1.70, down 23 sen from RM1.93 in January.
In an immediate reaction, Petrol Dealers Association president Datuk Hashim Othman told The Rakyat Post that any further reduction on fuel prices will have an effect on the dealers.
“Well, any reduction on fuel price will affect the dealers. Their asset value will become smaller,” Hashim said.
When RON95 fuel was first introduced in 2009, it cost RM1.80 per litre and was raised the following year to RM1.85 before being raised again the next year to RM1.90.
It stayed at RM1.90 till Sept 5, 2013, when the price went up to RM2.10, prompting thrifty Malaysians to rush to the pumps to fill up their tanks before the increase took effect at.
The price of RON95 spiked again late last year, reaching RM2.30 before it began descending towards the end of the year, continuing on till this year, and, as of January 2015, stood close to its average price of RM1.91 per litre.
Meanwhile, the price of RON97 fuel has gone up and down for decades, peaking at RM3.00 per litre in 2012, though it has declined steadily since the second quarter of last year and now stands at RM2.11 per litre.
The price of diesel, on the other hand, increased steadily till 2006 and jumped suddenly in 2008 to a peak price of RM2.58 per litre before decreasing till 2008 at RM1.70.
It then began rising again till the end of last year, reaching RM2.23, but this year, the price of diesel fell to RM1.93.