The Ministry of Finance has announced that retail prices for RON97 will drop by 20 sen, while unsubsidised RON95 and diesel will decrease by 15 sen for the Nov 5 to 11 weekly period.
KUALA LUMPUR: The retail price of RON97 has dropped by 20 sen to RM4.70 per liter, while unsubsidised RON95 and diesel have both dropped 15 sen to RM4.27 and RM5.12 per liter respectively for the period of Nov 5 to 11.
The Ministry of Finance (MOF), in a statement today, announced that this pricing is determined based on the Automatic Pricing Mechanism (APM) formula, compared to the current prices of RM4.90 for RON97, RM4.42 for unsubsidised RON95, and RM5.27 for unsubsidised diesel.
“The regional petroleum market shows signs of moderation following an increase in the supply of refined fuels, including petrol and diesel stocks in Singapore, which serves as one of the market references for petroleum pricing in Malaysia.
“This development, together with the drop in Brent crude oil prices at the end of the Automatic Pricing Mechanism (APM) calculation period, indicates the possibility of lower price pressures,” according to the statement.
However, MOF noted that geopolitical uncertainties in West Asia continue to pose risks to world petroleum price stability.
Meanwhile, the price of subsidised RON95 through BUDI95 remains at RM1.99 per liter, with the government bearing a subsidy of RM2.28 per liter, or 53 percent of the unsubsidised price for the period.
For BUDI Diesel, the price for eligible recipients remains at RM2.10 per liter, involving a government subsidy of RM3.02 per liter, or 59 percent of the unsubsidised price.
Additionally, the price of petrol under the Subsidised Petrol Control System (SKPS) remains at RM2.05 per liter, while diesel under the Subsidised Diesel Control System (SKDS) remains at RM2.15 per liter.
According to the MOF, eligible Malaysians can continue to purchase subsidised RON95 and diesel using their MyKad, subject to monthly eligibility limits.
“The MADANI Government will continue to take a prudent approach to protect the rakyat from price fluctuations, while ensuring that the country’s fuel supply remains adequate and secure,” the statement added.
