The year 2016 has arrived with a piece of good news for Malaysian motorists because the fuel prices have gone down.
Following a drop in global crude oil prices, the prices of RON95, RON97, and diesel have been dropped by 10 sen, 20 sen, and 30 sen respectively effective today (1st January 2016).
Petrol Dealers Association of Malaysia president Datuk Hashim Othman confirmed the news about the reduction in fuel prices yesterday.
RON95 petrol is now priced at RM1.85 per litre while RON97 is priced at RM2.25 per litre. The prices of diesel have reduced by 30 sen as the price of regular diesel is RM1.60 per litre and the price of Euro 5 diesel is RM1.70 per litre.
According to a report by The Rakyat Post, the RON95 petrol was priced at RM1.80 per litre when it was first introduced in 2009. The price went up to RM1.85 in the following year before being raised again the next year to RM1.90. The price remain unchanged until 5th September 2013 where the price went up to RM2.10. The price of the RON95 petrol peaked at RM2.30 per litre in 2014.
The price of the RON97 fuel peaked at RM3 per litre in 2012 while the price of diesel jumped suddenly to a peak price of RM2.58 per litre in 2006.
Back in December 2014, the Domestic Trade, Co-operatives and Consumerism Ministry set the prices of petrol and diesel on a managed float following a removal of all fuel subsidies. Under the managed float, retail prices would be based on the monthly average world price of crude oil.