KUALA LUMPUR: The government will cap the price for RON95 petrol and diesel at RM2.05 and RM2.15 per litre, respectively.
In a statement today, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said the decision aims to shield users from the drastic spike in oil price following the rise in global oil prices.
"The ceiling price of RM2.05 per litre for RON95 petrol and RM2.15 per litre for diesel is much lower than the price cap implemented by the previous government in 2019, which was RM2.08 per litre for RON95 petrol and RM2.18 per litre for diesel.
"The government will account for the difference between the actual market price and the retail price which will be set weekly through subsidy.
"This decision has been taken due to the increase in petroleum products' prices following the rise in crude oil demand as various economic sectors reopen worldwide," he said.
Zafrul also said the Covid-19 vaccination programmes, which are gradually being implemented by countries around the globe is a major factor influencing the global oil price trend.
He reiterated that Malaysia will also roll out its National Immunisation Programme as scheduled at the end of this month.
Zafrul reassured the government's commitment to reduce the people's cost of living by constantly monitoring the changes in global oil price and taking necessary steps to balance between subsidies rolled out by the government and protecting the people's welfare.
Earlier today, Bernama reported that the Brent crude rose to 0.48 per cent to trade at US$60.85 per barrel.