The price of RON95 petrol and diesel will be fixed according to a managed float system effective Dec 1, Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hasan Malek announced Friday.

The current price of RON95 is RM2.30 per litre and diesel is RM2.20 per litre.

Hasan said the retail price for petroleum products in Malaysia was set through the Automatic Price Mechanism method since 1983.

Through the APM, the government sets the retail price at a certain level whereby the price change in the product will not affect the retail price.

Below is the infographic about the price of petrol and diesel in Malaysia for the year 2013 and 2014, and compare it to prices from around the world.