PETALING JAYA: The retail prices of fuel prices will be unchanged for the first week of 2019, says Finance Minister Lim Guan Eng.

He said that the prices of RON97, RON95, and diesel would remain at RM2.50, RM2.20, and RM2.18 per litre respectively, until the government sets new retail prices for these petroleum products by the end of the first week of January.

"The Cabinet will meet on Jan 2, chaired by Prime Minister Tun Dr Mahathir Mohamad, to determine the retail prices of petroleum products at the optimum level," he said.

Lim added that while the Federal Government has decided to allow a weekly float of fuel prices to allow users to enjoy any changes in line with the world petroleum prices, it takes into account the view of all stakeholders, including the request by the Petroleum Dealers Association of Malaysia (PDAM), who is against the floating price mechanism.

"Dr Mahathir will also meet with PDAM soon," he said in a statement on Tuesday (Dec 31).

Lim said the Pakatan Harapan government is committed to executing the retail price stabilising policy and at the same time, implementing a fixed price, which would benefit the people.

"This would mean that when the world's petroleum price goes down, the retail price would be lowered to benefit the consumers.

"However, if the prices were to go up, the consumers will be protected as the retail prices will remain at RM2.20 per litre for RON95 and RM2.18 for diesel through subsidies," he added.

The price retention will remain until the implementation of the RON95 subsidy, which will be carried out in mid-2019 before the retail price is floated based on market price.