The price of RON97 petrol will go down by three percent to RM2.80 tonight, slightly over a month after it had gone to a record high of RM2.90 per litre following a cut in subsidy from its pump price, say reports.

The drop by 10 sen will take place at midnight tonight, the first time it has been lowered after five hikes of the fuel price - announced as part of the government’s purported ‘subsidy rationalisation’ scheme - since the beginning of 2011.

RON97 grade petrol had increased seven times over the past year.

Chinese-language dailies reported the drop in late afternoon, but it has yet to be officially announced.  

RON97 was once the most common type of petrol used until the introduction of the cheaper RON95 in September 2009. At the time, RON97 cost RM1.80 per litre.

The grade of petrol - now mostly used by high performance vehicles and is the only petrol which can be bought by drivers of foreign registered vehicles - is priced through a managed float.

In addition to increase in RON97 pump price, subsidies for liquified petroleum gas, electricity and sugar had also been reduced, leading many consumers to gripe their displeasure with the increased difficulty of making ends meet.

Electricity tariff rose by 7.12 percent on June 1, while the price of sugar went up by 20 sen a kilo to RM2.30.