: The retail price of RON97 petrol will be reduced by nine sen per litre to RM2.46 per litre and the retail price of RON95 petrol by four sen per litre to RM2.26 per litre after midnight today at 12.01am.
Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hasan Malek said the retail price for diesel had been increased to three sen per litre to RM2.23 per litre.
At present the retail prices of RON97 is at RM2.55 per litre, RON95 at RM2.30 per litre while diesel is at RM2.20 per litre.
He said the new prices would be effective only for the month of December.
"The government will follow the development in the market prices of product cost for each time and currency exchange rate to determine the retail prices of petrol and diesel for the consecutive months," he said in a statement issued here today.
Hence, Hassan said all petrol companies and petrol station operators were asked to comply with the new prices and, if they refused, firm action would be taken against those who contravened the new price regulations set by the government under the Supply Control Act 1961.
He said last Nov 21, the government had decided that starting tomorrow, the retail price set for RON95 petrol and diesel would be in accordance to the managed float method as had been implemented for the retail price of RON97 petrol since July 2010.
"Through this managed float method, the average change in the product cost will determine pricing for the next month, which means that if the global market price of crude oil increases, the retail prices of RON97, RON95 and diesel will also rise and vice-versa (global market price of crude oil falls)," he said.