The Ministry of Finance (MOF) has announced the latest updates on fuel prices for the period of January 9 to January 15. The retail price of RON95 petrol will remain unchanged at RM2.05 per litre, while the price of RON97 petrol will increase by five sen, rising from RM3.28 to RM3.33 per litre.
In a statement, the MOF also highlighted that the retail price of diesel will vary across regions. In Sabah, Sarawak, and Labuan, the price of diesel will stay fixed at RM2.15 per litre. However, in Peninsular Malaysia, diesel prices will increase by five sen, from RM2.98 to RM3.03 per litre during the same period.
The ministry attributed the adjustments to the rise in global oil prices. “In line with the increase in global oil prices, the government has set the retail price of RON97 at RM3.33 per litre and diesel in Peninsular Malaysia at RM3.03 per litre,” stated the MOF.
Despite the increase, the MOF emphasized that the diesel price in Peninsular Malaysia remains lower than the floated price of RM3.35 per litre, which was established on June 10, 2024. This highlights the government's ongoing efforts to shield consumers from higher fuel costs.
The weekly fuel prices are determined using the Automatic Pricing Mechanism (APM) formula, which calculates retail prices based on market factors and ensures transparency. This mechanism is designed to align domestic fuel prices with international market trends, while also allowing room for government intervention to mitigate significant price hikes.
The MOF reassured that it would closely monitor global oil price movements and make necessary adjustments to the prices of RON97 and diesel in the future. "The government will continue to observe global crude oil price trends and implement appropriate measures to ensure the welfare and well-being of the people are protected,” the statement read.
This proactive approach is part of the government’s broader commitment to maintaining price stability and mitigating the impact of rising global oil prices on Malaysian households. While fuel price fluctuations are inevitable due to the volatile nature of the global oil market, the government remains committed to balancing affordability for consumers with the realities of international price movements.
The unchanged price of RON95, a widely used fuel, demonstrates the government’s focus on supporting the majority of Malaysian consumers. The decision to keep diesel prices steady in Sabah, Sarawak, and Labuan also reflects an effort to ensure equitable treatment across different regions.
As global oil prices continue to fluctuate, Malaysians can expect the government to remain vigilant in managing fuel price adjustments, aiming to strike a balance between fiscal responsibility and the well-being of its citizens.
Mathilda Binti is a content creator under the Newswav Creator programme, where you get to express yourself, be a citizen journalist, and at the same time monetize your content & reach millions of users on Newswav. Log in to creator.newswav.com and become a Newswav Creator now!
The User Content (as defined on Newswav Terms of Use) above including the views expressed and media (pictures, videos, citations etc) were submitted & posted by the author. Newswav is solely an aggregation platform that hosts the User Content. If you have any questions about the content, copyright or other issues of the work, please contact Newswav.
