The retail price per litre of RON97 is RM2.22, RON95 (RM1.92) and diesel (RM2.05) from midnight tonight until January 18. — Picture by Ahmad Zamzahuri

KUALA LUMPUR, Jan 11 ― From midnight tonight until January 18, the retail price per litre of RON97 is RM2.22, RON95 (RM1.92) and diesel (RM2.05), the Finance Ministry announced today.

It will be a reduction of one sen per litre for RON97 and RON95 and an increase by one sen for diesel against the current prices under the Automatic Pricing Mechanism (APM).

Finance Minister Lim Guan Eng said in a statement that the federal government has made good its promise to float the retail price of petroleum products weekly to enable consumers to benefit more quickly from the fall in world oil prices.

He pointed out the government has capped the retail price for petrol at RM2.20 a litre for RON95 and RM2.18 a litre for diesel to protect consumers from a drastic increase in oil prices by subsidising them.

“This is a new initiative under the Pakatan Harapan Federal Government to protect the B40 group, which was never practised by the previous government. The price cap will be lifted when the targeted fuel subsidy is introduced in the middle of this year,” he said.

The APM was implemented on January 5, with RON97 retailing for RM2.23 a litre, RON95 (RM1.93) and diesel (RM2.04).