KUALA LUMPUR, Nov 27 – The government will calculate the world average price of RON 95 petrol before implementing the managed floating system on Dec 1, said Deputy Finance Minister, Datuk Ahmad Maslan. He was confident that the managed floating system would give flexibility to the public to enjoy lower petrol price based on the current price fall.
“I have been informed that the world price of RON 95 will fall in the next few days and as of Thursday (27 Nov) is at RM2.26 per litre, which is lower than the RM2.30 it is being sold at currently. “The price is expected to fall even further in the next few days and we promise to calculate its average price before Dec 1,” he said at a press conference, here, Thursday.
Last Friday, Domestic Trade, Cooperatives and Consumerism Minister, Datuk Hasan Malek announced that the government would set the retail price of RON 95 and diesel using the managed floating system from this Dec 1. According to Hasan, the subsidy for RON 95 would be abolished and the price of petrol would depend on the world market price.