The first float price for RON97 has been set in motion since the introduction of the new pricing structure.
While RON95 and diesel will remain unchanged at RM2.20 and RM2.18 respectively, RON97, which is subject to a float system, is priced at RM2.66 until June 13. Prices for RON97 will change weekly.
In a statement on June 7, Finance Minister Lim Guan Eng also said the federal government will subsidise 33 cents per litre for all retail purchases of RON95 and diesel for this week, otherwise the price of RON95 and diesel would have risen to RM2.53 and RM2.51 respectively.
Furthermore, the global crude oil prices have reached US$76 (RM302) per barrel while refined petrol and diesel products were currently between US$87 (RM346) and US$8 (RM350) per barrel.
He added that the Government allocated RM3bil until the end of the year to finance the subsidy and maintain the RON95 and diesel retail prices.
