The pump price of RON97 will fall from RM2.62 to RM2.53 per litre. - NSTP/INTAN NUR ELLIANA ZAKARI

PUTRAJAYA: The retail price of RON97 will be nine sen cheaper beginning midnight tonight, until Jan 24.

The pump price of RON97 will fall from RM2.62 to RM2.53 per litre.

The cost of RON95 and diesel will remain unchanged, however, the Finance Ministry said in a statement.

It added that without the government’s subsidy, the prices of RON95 and diesel – calculated under the Automatic Pricing Mechanism (APM) – would be RM2.23 and RM2.33 per litre, respectively.

The retail prices of RON95 and diesel were capped by the government at RM2.08 and RM2.18, respectively, to stabilise the retail prices of petroleum products and reduce the cost of living.

Under the APM, weekly fuel costs are announced every Friday, and the prices remain in force for a week.

The ministry said that the subsidy forked out by the government from tomorrow to Jan 24 is estimated at RM74.70 million; comprising RM52.71 million for RON95 and RM21.99 million for diesel.