KUALA LUMPUR, July 16 - Unsubsidised RON95 and diesel will cost 5 and 10 sen more, respectively, from July 16 to 22, amid heightened geopolitical risks in West Asia, the Finance Ministry (MOF) said.
In a statement yesterday, the MOF said unsubsidised RON95 will cost RM3.42 per litre while unsubsidised diesel will be priced at RM4.07 per litre.
RON97 remains at RM4 per litre.
According to the MOF, the increase was based on the Automatic Pricing Mechanism (APM) formula and was influenced by movements in the global oil market the previous week.
“The new US attack on Iran and concerns over the security of trade routes in the Strait of Hormuz has raised crude oil risk premiums and shipping costs.
“The price of Brent crude oil has reached US$85 per barrel, an increase of around 20 per cent over the past two weeks. As long as the conflict remains unresolved, prices of petroleum products are expected to continue to be affected by volatility in the global market,” the statement said.
MOF said while the country’s fuel supply is adequate, the Madani Government urges the public to practise prudent consumption by planning their travels and reducing unnecessary journeys to help prolong the country’s stockpiles and lower pressure on subsidy spending.
Meanwhile, for fuel subsidy schemes, BUDI95 maintains RON95 at RM1.99 per litre, BUDI Diesel at RM2.10 per litre, Subsidised Petrol Control System (SKPS) at RM2.05 per litre and Subsidised Diesel Control System (SKDS) at RM2.15 per litre.
BUDI95 and BUDI Diesel users may continue buying fuel with their MyKad, subject to their monthly quotas.
MOF said the Madani Government would continue protecting Malaysians from fluctuating fuel prices while ensuring sufficient, secure fuel supplies.
