Lim: RON95 to be capped at RM2.20, not RM1.50 as promised

(The Star) – The weekly fuel price float will see RON95 petrol capped at a certain price even if the market price goes up, says Finance Minister Lim Guan Eng.

He said the system, expected to be in place within the first week of the year, was different from the previous administration’s.

“People will be paying less when petrol price drops but when it increases, they need not worry as any increase exceeding RM2.20 will be subsidised by the government,” he said.

Lim had earlier said the retail prices of fuel would be unchanged – RON97 (RM2.50), RON95 (RM2.20) and diesel (RM2.18) per litre.

He said the implementation of the weekly price float was delayed because of objections from the Petrol Dealers Association of Malaysia.

He said Prime Minister Tun Dr Mahathir Mohamad would hear them out first before deciding on the prices.

Lim said the weekly price mechanism would be in place until the fleet card system was introduced for B40 Malaysians to buy subsidised RON95 petrol.

On the abolishment of toll for the first and second Penang bridges, Lim said they were taking steps to fulfil the election manifesto.

“With the current financial situation of the country, it will not allow us to carry out more toll abolishment,” he said.