It appears that the Malaysian government has implemented a pricing mechanism for petroleum products based on the Automatic Price Determination Mechanism (APM). According to the information provided, the retail prices for RON97, RON95, and diesel for the period from Nov 16 to 22 will be as follows: RON97: RM3.47 per liter, RON95: RM2.05 per liter, Diesel: RM2.15 per liter.
Despite global increases in oil prices, the government has decided to cap the prices of RON95 at RM2.05 per liter and diesel at RM2.15 per liter. This is done to protect consumers from the impact of rising global oil prices. The set prices serve as ceiling, ensuring that consumers do not face higher costs at the pump, even if market prices go beyond the capped levels.
The Finance Ministry states that it will continue to monitor global crude oil price trends and will take appropriate measures to safeguard the welfare and well-being of the people. This suggests a commitment to adjusting the pricing mechanism in response to changes in the global oil market to ensure that consumers are not unduly burdened by sharp increases in oil prices.
Source: Makkal Osai
