Kuala lumpur: The retail prices of RON97, unsubsidised RON95, and unsubsidised diesel will each increase by 20 sen per litre for the period from July 30 to Aug 5.
According to BERNAMA News Agency, the Ministry of Finance (MOF) announced today that the retail price of RON97 would rise to RM4.40 per litre from RM4.20, while unsubsidised RON95 would increase to RM3.82 per litre from RM3.62. The price of unsubsidised diesel will also increase to RM4.62 per litre from RM4.42.
The MOF explained that the prices of these unsubsidised petroleum products have been influenced by recent movements in the global oil market, notably driven by the ongoing conflict between the United States and Iran. This geopolitical tension has pushed Brent crude oil prices to a six-week high of US$96 per barrel. The ministry noted that risks to major trade routes, including the Strait of Hormuz and the Red Sea, have heightened concerns over potential disruptions in the global petroleum supply.
Additionally, the MOF highlighted that emergency petroleum reserves in several major economies have been depleted following the conflict that erupted in the Middle East on February 28. The need for these countries to replenish their strategic reserves is expected to add further pressure on petroleum prices in the medium term.
On a different note, the ministry reassured that subsidised fuel prices for the period from July 30 to Aug 5 would remain unchanged. National fuel supplies are reported to be sufficient, with targeted subsidies continuing through programs like BUDI MADANI RON95 (BUDI95), BUDI MADANI Diesel (BUDI Diesel), the Subsidised Diesel Control System (SKDS), and the Subsidised Petrol Control System (SKPS).
The MOF stated that the MADANI government is dedicated to protecting the public and businesses from the adverse effects of this global crisis. However, the government also urged the public to practice prudent fuel consumption by planning journeys more efficiently and reducing unnecessary travel to help ease pressure on national supplies and subsidy expenditure.