We're Getting Cheaper Petrol Beginning 1 January, According To Finance Minister Lim Guan Eng

According to Finance Minister Lim Guan Eng, the government wants to streamline the price of fuel products, including RON95 petrol, on a monthly basis now, as reported by New Straits Times.

This reportedly goes hand-in-hand with the global market price of crude oil.

"In line with the current oil market price decline, the government will adjust the retail price of petroleum products including RON95 to lower prices from January 1, 2019 onwards," Lim said.

"This as the retail prices of petrol products are done through on a monthly basis."

Besides that, the government also plans to bring back the weekly float for the price of RON95 petrol next year.

Lim added that if global oil prices were to increase weekly, the rise in retail oil prices would be controlled and limited to RM2.20 per litre for RON95 and RM2.18 for diesel.

At the moment, fuel prices are reflected only in the following month because the government sets fuel prices monthly on average.

The cheaper fuel prices in January will benefit consumers as well as help people in the B40 category when there is a price hike.

"For the non-target group, the retail price of RON95 petrol will be floated to reduce government subsidies," Lim stated.

"This is in line with the subsidy's intent in that it should benefit the target group especially those in the lower income bracket."

As of November this year, the government has reportedly incurred a total cost of RM7.14bil in fuel subsidies.