The price of RON95 petrol is expected to be cheaper next month due to plummeting crude oil prices.

According to Finance Minister Lim Guan Eng, Putrajaya currently sets fuel prices on a monthly average basis which will only be reflected the following month. 

"The changes in the price of fuel in December 2018 will only result in a reduction in fuel prices in January 2019," he said. 

Meanwhile, Lim also announced that Putrajaya will be returning to a weekly float for the RON95 petrol price from Jan 1 onwards. 

"This will allow consumers to benefit faster from reductions in the fuel prices," he said. 

However, Lim said Putrajaya will cap the RON95 petrol price at a maximum of RM2.20 per litre and diesel at RM2.18 per litre in the near future, should crude oil prices increase.

He said this was consistent with Pakatan Harapan's election pledge to allow the public to enjoy lower fuel prices and targetted subsidies.