The fuel currently retails at RM1.99 per litre for Malaysians under the BUDI95 initiative, which kicked off today.

Foreigners meanwhile will be charged RM2.60 per litre throughout October.

Come November, the retail price for unsubsidised RON95 will be reviewed every week, similar to the case of RON97 and diesel in peninsula Malaysia.

“So if global crude oil prices rise, so will the retail price of RON95. But if global crude oil prices drop, so will the price of unsubsidised RON95,” Amir said at an event here.

Under the BUDI95 scheme, citizens aged 16 and above with active driving licences are eligible for the subsidised rate, with verification done through MyKad, the same mechanism used for the distribution of Sumbangan Asas Rahmah aid.

Each purchaser is entitled to 300 litres of subsidised RON95 petrol a month, although e-hailing services are exempted from this limit.

The initiative is expected to benefit about 18 million car and motorcycle users.

Amir said that some 1.5 million had benefitted from the early rollout of the initiative on Saturday.

On a separate matter, he said his ministry would publish the Household Income & Expenditure Surveys (HIES) report before the end of October.

The HIES report, which will be presented to the Cabinet, is expected to highlight positive growth in terms of income and the progress made in eradicating poverty.