Kuala Lampur:The retail prices of RON97 and unsubsidised RON95 petrol are set to increase by 15 sen per litre, bringing them to RM5.15 and RM4.67 respectively, whereas the price of unsubsidised diesel will stay at RM5.27 per litre from October 8 to 14.

According to BERNAMA News Agency, the Ministry of Finance (MOF) indicated that the price hike results from supply pressures in the international market for refined petroleum products. This is occurring despite an ongoing recovery in crude oil flows from West Asia.

The MOF explained that global crude oil prices continue to be high, with Brent crude oil prices remaining around USD100 per barrel during the Automatic Pricing Mechanism (APM) calculation period. Additionally, China's suspension of most fuel exports for October has limited international market supplies, intensifying price pressures on refined petroleum products.

The Ministry further noted that ongoing conflicts in West Asia and between Russia and Ukraine pose risks to the stability of global petroleum supplies and prices. The government, led by the MADANI administration, plans to shield citizens and businesses from these global fluctuations by maintaining targeted BUDI MADANI subsidies for eligible users.

Recipients of BUDI MADANI RON95 (BUDI95) will pay RM1.99 per litre, with the government subsidizing RM2.68 per litre, which constitutes 57 percent of the unsubsidised price. Similarly, BUDI MADANI Diesel (BUDI Diesel) recipients will pay RM2.10 per litre, with a subsidy of RM3.17 per litre or 60 percent of the unsubsidised price.

The MOF assured that fuel supplies in the country remain adequate but advised consumers to use fuel wisely, plan their travels efficiently, and minimize unnecessary journeys to manage supply and subsidy expenditures effectively. The government remains committed to adopting a cautious approach to mitigate the effects of price fluctuations while ensuring a stable and secure fuel supply.