PUTRAJAYA — The retail prices of unsubsidised RON97 and RON95 petrol will drop by five sen per litre, while unsubsidised diesel will fall by 15 sen per litre, for the period from Oct 1 to 7.
The Ministry of Finance (MOF), in a statement today, said based on the Automatic Pricing Mechanism (APM), the new prices are RM5.00 per litre for RON97, RM4.52 for RON95 and RM5.27 for diesel.
The reductions were driven by lower average global crude oil prices during the APM calculation period following the resumption of operations of Saudi Arabia’s East-West pipeline.
At the same time, supplies of refined petroleum products in Asia are showing signs of recovery, with China’s refined petroleum product exports in September estimated to have exceeded four million tonnes, compared with an average of about three million tonnes a month last year.
The increase in supply has helped ease some pressure on regional petroleum product prices.
However, the global supply recovery remains uneven, with another major Russian refinery in Perm forced to halt operations following a Ukrainian drone attack last week, further limiting Russian diesel supplies to international markets.
The ministry said volatility in petroleum product prices was expected to continue as long as the conflict between the United States and Iran remained unresolved, while any new attacks in West Asia could put renewed pressure on oil and petroleum product prices.
It said the recovery of global refining capacity would also remain important in reducing price pressures in the medium term.
Meanwhile, the MADANI Government will continue to protect the people and businesses from the impact of global volatility, including by maintaining targeted subsidies under BUDI MADANI for eligible recipients.
Under the current prices, eligible BUDI MADANI RON95 (BUDI95) recipients will continue to pay RM1.99 per litre, compared with the unsubsidised price of RM4.52, with the Government bearing a subsidy of RM2.53 per litre, equivalent to 56 per cent of the unsubsidised price.
BUDI MADANI Diesel (BUDI Diesel) recipients will continue to pay RM2.10 per litre, compared with the unsubsidised price of RM5.27, with the Government providing a subsidy of RM3.17 per litre, or 60 per cent of the unsubsidised price.
The subsidised fuel prices remain as follows:
- RON95 (BUDI95): RM1.99 per litre
- Diesel (BUDI Diesel): RM2.10 per litre
- Subsidised Petrol Control System (SKPS): RM2.05 per litre
- Subsidised Diesel Control System (SKDS): RM2.15 per litre
Through BUDI95 and BUDI Diesel, eligible Malaysians can continue to purchase subsidised RON95 and diesel using their MyKad, subject to the monthly eligibility limits.
Although the country’s fuel supply remains sufficient for now, the MADANI Government urged the public to practise prudent fuel consumption, including by planning journeys more efficiently and reducing unnecessary travel.
The ministry said such measures could help extend the country’s fuel supply and reduce pressure on subsidy expenditure, while the Government would continue taking a prudent approach to protect the people from price fluctuations and ensure sufficient and secure fuel supplies.
