MALAYSIA TO LOWER PETROL PRICES, INCREASE DIESEL PRICES FROM MONDAY

PETALING JAYA, Malaysia - The fuel prices for RON95 and RON97 will go down by four sen (RM0.04) and nine sen respectively, effective 12.01am on Dec 1. Diesel price, however, will see an increase of three sen to RM2.23.
Domestic Trade, Cooperatives and Consumerism Ministry, in a statement Sunday, announced that the new prices of RON95 and RON97 petrol for the month of Dec would be RM2.26 and RM2.46 respectively.
Its minister Datuk Hasan Malik said that the Government would continue to monitor the market price of petrol and diesel, as well as currency exchange rates, in the coming months.
"I would also like to remind oil companies and petrol station owners to follow the new prices.
"Stern action will be taken against those who do not comply with the new pricing system," he said in a statement.
“Through this managed float method, the average change in the product cost will determine pricing for the next month.
"If the global market price of crude oil increases, the retail prices of RON97, RON95 and diesel will also rise and vice-versa (global market price of crude oil falls),” he said.

Source: The Star