On December 1, 2014, the Malaysian government has changed the petrol prices from subsidised prices to the managed float. Under the managed float system, the government sets pump prices based on the average cost of refined oil (MOPS fuel) of the preceding month.
This means on the first day of every month, petrol prices would be reviewed and revised according to the average price per litre of refined oil of the previous month. If the price of the oil increased last month, the retail prices for the corresponding fuel would also increase, and vice versa.
We saw petrol prices went as low as RM1.60 per litre of RON95 in March 2016. The highest it has gone since the implementation of the managed float system is RM2.30 for RON95, RM2.60 for RON97 and RM2.15 for diesel.
Here is the latest prices for petrol in Malaysia: