Malaysia raises RON97, unsubsidised RON95 and diesel prices by 15 sen, 20 sen and 10 sen per litre from May 21-27.
KUALA LUMPUR: The retail prices of RON97, unsubsidised RON95 and diesel in Peninsular Malaysia will increase by 15 sen, 20 sen and 10 sen per litre respectively for the period from May 21 to 27.
The Ministry of Finance (MOF) said in a statement today that the retail price of RON97 would be set at RM4.85 per litre compared with RM4.70 previously, while unsubsidised RON95 would rise to RM4.07 per litre from RM3.87 previously.
The price of diesel in Peninsular Malaysia will meanwhile be set at RM4.97 per litre compared with RM4.87 previously.
According to MOF, the new retail price adjustment is in line with the Automatic Pricing Mechanism (APM) formula.
At the same time, the MADANI Government will maintain targeted subsidised prices for the people and selected sectors, covering RON95 (BUDI95) at RM1.99 per litre, diesel in Sabah, Sarawak and Labuan, as well as the Subsidised Diesel Control System (SKDS) at RM2.15 per litre, the Subsidised Petrol Control System (SKPS) at RM2.05 per litre.
MOF said that at the current unsubsidised RON95 price of RM4.07 per litre, the use of 200 litres would cost RM814.
“This means the MADANI Government is bearing RM416, or more than half of the actual RON95 cost, for each recipient using the full BUDI95 entitlement,” it said.
It said Brent crude oil prices have now reached around USD110 per barrel, nearly 60% higher compared with the pre-conflict level of around USD70 per barrel, as logistics costs and insurance premiums increased significantly due to shipping risks through conflict zones, further pressuring petroleum product prices.
The statement said disruptions to global oil supply were becoming more severe as the conflict continues with the Strait of Hormuz is a route for about 20% of the world’s petroleum supply, while damage to oil production and refining facilities in West Asia will take time to restore.
“In view of the still uncertain global market conditions, MOF said the MADANI Government urged the public to continue practising prudent fuel consumption to help extend the country’s supply,” it added.
