The pump price of RON95, RON97 petrol and diesel will all go down at midnight.

RON95 will go down 10 sen to RM1.85 per litre , RON97 by 20 sen to RM2.45 per litre and diesel by 30 sen to RM1.60 per litre.

Petrol prices have been on managed float since Dec last year, when subsidies were removed.

Yesterday PKR vice president Rafizi Ramli had predicted that fuel prices at the pump are expected to fall by 10 to 15 sen per litre in January.

He said this estimation is based on the Means of Platts Singapore’s (Mops) price of the fuel up to Dec 20, and the estimated Mops price this week based on current Brent crude oil prices.

Though he argued even this does not reflect the real fall in oil prices which should have made fuel more affordable, calling for a new pricing model to be based on actual Malaysian production costs denominated in Ringgit.