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Kuala Lumpur: The retail price of RON97 petrol will drop by 10 sen from RM3.95 to RM3.85 per litre, while those of RON95 and diesel will remain unchanged for the week from Dec 1 to 7.

The Ministry of Finance, in a statement Wednesday, said the ceiling price of RON95 and diesel would remain at RM2.05 and RM2.15 per litre respectively even though the market price of the two products has increased beyond the current ceiling price.

However, according to the ministry, the retail price of RON97 has been reduced in line with the movement in the market price.

It said the prices were set based on the weekly retail prices of petroleum products using the Automatic Pricing Mechanism (APM) formula.

“The government will continue to monitor the trends of global crude oil prices and take appropriate measures to ensure the continued welfare and well-being of the people,” it said.