The retail price of RON97 petrol will drop by three sen to RM2.62 per litre, while the prices of RON95 and diesel will remain at RM2.08 and RM2.18 per litre respectively, effective midnight until Jan 17.

The Finance Ministry in a statement today said based on calculations according to the Automatic Pricing Mechanism (APM) formula, the retail prices of RON95 and diesel petrol products for the period should be RM2.32 and RM2.46 per litre respectively.

"This represents a drop from last week’s retail price of RON95 petrol products which was RM2.35 per litre and an increase for diesel petrol products at RM2.43 per litre.

"However, retail prices for both products are retained at RM2.08 per litre and RM2.18 per litre, in line with the government's decision to defer the Petrol Subsidy Programme (PSP)," the statement said.

With the retail prices of both products maintained, the government would have to bear subsidies estimated at RM122.85 million during the Jan 11 to 17 period, it added.

- Bernama