Kuala lumpur: The retail price of RON97 petrol is set to rise by 60 sen to RM5.15 per litre starting tomorrow, applicable for the period from March 26 to April 1, amid escalating global oil prices.
According to BERNAMA News Agency, the Ministry of Finance (MOF) announced that diesel prices in Peninsular Malaysia would see an increase of 80 sen, reaching RM5.52 per litre, while prices in Sabah, Sarawak, and Labuan remain unchanged at RM2.15 per litre. Additionally, the price for unsubsidised RON95 petrol will increase by 60 sen, bringing it to RM3.87 per litre. The subsidised RON95 under the BUDI MADANI RON95 (BUDI95) programme will stay at RM1.99 per litre.
The ongoing conflict in West Asia has driven crude oil prices beyond US$100 per barrel, causing global oil supply concerns. Despite these challenges, the MADANI Government is maintaining the RON95 subsidised price at RM1.99 per litre via BUDI95 to shield the public from rising fuel costs, with other fuel prices being adjusted gradually.
According to the MOF, even as an oil-producing nation, Malaysia's domestic fuel prices are swayed by global markets due to a substantial part of its supply being sourced internationally. The government is committed to safeguarding citizens from the economic impacts of increased fuel costs, aligning with the MADANI Economic aspirations.
Measures include enhanced monitoring and enforcement to ensure stable fuel supplies and to prevent subsidy misuses, particularly in border regions. Restrictions remain on selling RON95 to foreign-registered vehicles, and fuel purchases over 20 litres outside of a vehicle's tank require special permits.
Looking ahead, the government plans to implement controls on diesel purchases in Sabah, Sarawak, and Labuan to mitigate potential leakage risks. Under BUDI95, qualified citizens can continue to purchase RON95 at RM1.99 per litre, and public transportation and land logistics diesel prices remain subsidised at RM2.15 per litre, with monthly subsidy costs surpassing RM3 billion.
Furthermore, individual diesel assistance under BUDI Individual and BUDI Agri-Commodities has been increased to RM300 this month, up from RM200 previously.