The new prices will be in effect until July 29.
In a statement, the finance ministry said unsubsidised RON97 will be priced at RM4.20 per litre, unsubsidised RON95 at RM3.62 per litre, and unsubsidised diesel at RM4.42 per litre.
RON95 sold under the BUDI95 scheme will continue to be sold at RM1.99 per litre, while the price of diesel will be fixed at RM2.10 per litre under the BUDI Diesel initiative.
Subsidised petrol under the subsidised petrol control system (SKPS) will remain at RM2.05 per litre, while subsidised diesel under the subsidised diesel control system (SKDS) will retail at RM2.15 per litre.
The new prices will be in effect until July 29.
The finance ministry said the price of unsubsidised petroleum products is influenced by movements in the global oil market during the previous week.
The ministry said Brent crude oil prices rose by 16% over the past week as tensions between the US and Iran escalated again following the end of the Middle East war’s ceasefire.
“Restrictions on shipping and reduced vessel traffic through the Strait of Hormuz have heightened concerns over disruptions to global petroleum supplies, and the rise in crude oil prices was also driven by tightening global inventories and the threat of disruptions to oil shipments from Saudi Arabia.
“The global petroleum market is expected to remain volatile until the conflict is resolved. Although efforts to revive negotiations and proposals for another ceasefire have limited some of the price increases, they have yet to ease market concerns over the risk of supply disruptions,” it said.
It urged the public to continue to use fuel prudently, plan their journeys more efficiently, and reduce unnecessary travel to help conserve the nation’s fuel supply and ease pressure on subsidy expenditure. - FMT
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