The retail price of RON97 will drop by four sen to RM2.49 per litre, while the prices of RON95 and diesel will remain at RM2.08 and RM2.18 per litre, effective midnight today until Jan 31.

The Ministry of Finance in a statement today said based on calculations under the Automatic Pricing Mechanism, the retail prices of RON95 and diesel during the period should be RM2.19 and RM2.26 per litre respectively.

"This shows a decline from last week for the retail price of RON95 petrol which was at RM2.23 per litre and diesel at RM2.33 per litre.

"However, the retail prices have been maintained at RM2.08 and RM2.18 per litre, in line with the government's decision to stabilise prices of petroleum products and reduce the cost of living for the people," said the statement.

It also said with the retention of the retail price for both products, the estimated subsidy to be borne by the government from Jan 25 to Jan 31 amounts to RM49.30 million. — Bernama