The retail price of diesel in Peninsular Malaysia has continued to surge despite a drop in global oil prices today, hitting a new record high of RM6.72 per litre for the period from April 9 to April 15.
The Finance Ministry said in a statement that the 70 sen increase is because pump prices in the country are determined based on the average price of petrol and diesel from the previous week, rather than daily prices.
“As such, current prices still reflect the high supply costs over the past five weeks, when global markets were at elevated levels, reaching around US$150 per barrel for petrol products and US$250 per barrel for diesel products.
“This continues to influence domestic retail prices,” the ministry said.
The Finance Ministry also announced that under the automatic pricing mechanism, the retail price of RON97 petrol will be increased by 40 sen to RM5.35 per litre, while the retail price for RON95 petrol will be increased by 40 sen to RM4.27 per litre.
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.
As a temporary measure following the rise in diesel prices, the government will maintain the additional Budi Diesel cash assistance of RM100 in April, bringing the total aid to RM300 for recipients under Budi Individu and Budi Agri-Komoditi.
“The government will continue to closely monitor global developments and take appropriate measures to ensure the country’s energy supply remains stable and sufficient, while continuing to protect the public through existing targeted support mechanisms,” it said.
The drop in global oil prices today follows the announcement of a ceasefire between Iran and the US, after five weeks of conflict had sparked a global energy crisis.
- Mkini
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