The retail price of diesel in Peninsular Malaysia will increase by 50 sen to RM6.02 per litre starting April 2 to 28, marking the highest ever diesel price in Malaysia.
The record was previously set by the RM5.52 per litre price tag for March 26 to April 1.
In a statement today, the Finance Ministry also announced that under the Automatic Pricing Mechanism, the retail price of RON97 petrol will be reduced by 20 sen to RM4.95 per litre, while the retail price for RON95 petrol will remain at RM3.87 per litre.
“The ongoing global energy crisis has led to a surge in global Brent crude oil prices of more than 40 percent, surpassing US$100 (RM402) per barrel.
“More critically, the price of refined products for petrol and diesel has also soared to US$150 per barrel and US$250 per barrel respectively, putting pressure on retail prices for both products,” the ministry added.
Fuel subsidy, cash aid maintained
It also noted that, as an interim measure following the increase in diesel prices, the government is maintaining an additional diesel cash aid of RM100 for April, bringing the total aid to RM300 for individual and agro-commodity recipients.
Additionally, Putrajaya is maintaining targeted fuel subsidy prices for the rakyat and those in specific sectors, with RON95 priced at RM1.99 per litre under the Budi95 subsidy scheme and subsidised diesel at RM2.15 per litre for eligible consumers in Sabah, Sarawak, and Labuan.
Fuel under the Subsidised Diesel Control System will be priced at RM2.15 per litre and RM2.05 per litre for those subject to the Subsidised Petrol Control System.
The ministry noted that the government is considering medium and long-term measures to ensure its subsidy mechanism remains sustainable and transparent while benefiting the people, considering global energy pressures and their implications on the energy market.
“The government will continue to carefully and prudently balance fiscal requirements with the rakyat’s welfare to preserve the country’s economic well-being and the continued protection of the people,” it added.
The reduced standard monthly entitlement for subsidised RON95 petrol, from 300 litres to 200 litres, came into effect today.
The move came as the government continues to adjust domestic fuel prices in response to sustained pressure on global oil markets.
- Mkini
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