The price of unsubsidised RON95 petrol will be floated from November onwards, finance minister II Amir Hamzah Azizan says.
The fuel currently retails at RM1.99 per litre for Malaysians under the BUDI95 initiative, which kicked off today.
Foreigners and foreign-registered vehicles meanwhile will be charged RM2.60 per litre throughout October.
Come November, the retail price for unsubsidised RON95 will be reviewed every week, similar to the case of RON97 and diesel in peninsula Malaysia.
“So if global crude oil prices rise, so will the retail price of RON95. But if global crude oil prices drop, so will the price of unsubsidised RON95,” Amir said at an event here.
Under the BUDI95 scheme, citizens aged 16 and above with active driving licences are eligible for the subsidised rate, with verification done through MyKad, the same mechanism used for the…