Kuala Lumpur: The retail price of RON97 petrol nationwide was reduced by 20 sen per litre to RM2.70 per litre from RM2.90 per litre effective Wednesday night.
This was confirmed by Domestic Trade, Cooperatives and Consumerism Minister Datuk Hassan Malek.
The price of RON97 petrol was last reviewed in March 2013 and was at the RM3 per litre level in September 2012.
The retail price of RON97 petrol is determined by a "managed float" in which the price will be changed according to market forces.
Meanwhile, Deputy President of Petrol Dealers Association of Malaysia Datuk Zulkifli Abdul Mokti said the reduction in the price of RON97 petrol was welcomed and it showed the government's policy in prioritising the rakyat's needs.
"I believe this (reduction) is accurate. The government is seen as upholding its policy," he said.
He said the reduction was because the global oil market price has dropped slightly besides the policy of oil price float adopted by the Government.
He also did not expect an increase in the prices of both RON95 and RON97 petrol in the near future.
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