Maximum prices for petrol and diesel removed

The Star pix

By S. Harrish

THE Federal government has removed the ceiling prices of RON95 petrol at RM2.08 and diesel at RM2.14.

Domestic Trade and Consumer Affairs Ministry Datuk Alexander Nanta Tinggi had approved the order on Apr 10 while the revocation was announced in a gazette dated June 3.

“The Price Control and Anti-Profiteering (Determination of Maximum Retail Price for Petrol and Diesel) (No. 8) Order 2020 [P.U. (A) 64/2020] is revoked,” the gazette stated.

The price ceiling had been introduced after the Pakatan Harapan coalition won the 14th general election and previously restricted the maximum retail price for RON95 and diesel regardless of global oil price levels.

Global oil prices had fallen significantly since February mainly due to supply being higher than demand.

The government is said to be losing RM300 million for every US$1 price drop.

At present, pump prices for RON95 and diesel are RM1.48 and RM1.63 respectively.