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KUALA LUMPUR, Oct 25 -- The retail price for RON97 petrol drops by 9 sen to RM2.59 per liter, while RON95 and diesel remain at RM2.08 and RM2.18 per liter respectively effective at midnight tonight until Nov 1.

In a statement today, the Finance Ministry announced that based on the Automatic Pricing Mechanism (APM) formula, the retail price for RON95 petrol and diesel for the period concerned should be RM2.29 per liter each.

“This shows a reduction from last week for the retail price of RON95 petrol which was at RM2.38 per liter and diesel which was at RM2.31 per liter.

“However, the retail prices for both products were maintained at RM2.08 and RM2.18 per liter in line with the decision of the government to stabilise the retail price for petroleum products and to look after the economic prosperity of the people,” said the statement.

The statement also said that with the maintenance of the retail price for both these products, the estimated subsidy to be borne by the government for the period Oct 26 until Nov 1, 2019 amounted to RM87.28 million.