Petrol price sees further reduction beginning February 1

The petrol price for RON95, RON97 and diesel has reduced by 21 sen, 11 sen and 23 sen accordingly, beginning February 1, 2015.

The Ministry of Domestic Trade, Co-operatives and Consumerism in its statement on Saturday said that that the prices now stood at RM1.70 per litre for RON 95, RM2 for RON97 and RM1.70 for diesel.

With the abolishment of the fuel subsidy on December 1, the retail petrol and diesel price are set based on a managed float system.

Under the system, the retail price will be based on a monthly average fuel price.