KUALA LUMPUR: The retail prices of unsubsidised RON95 petrol and diesel in Peninsular Malaysia will increase by five sen and 10 sen per litre, respectively, from July 16 to 22, following renewed geopolitical risks to the Straits of Hormuz.
The Finance Ministry, in a statement, said the retail price of RON95 will increase to RM3.42 per litre, up from RM3.37 previously, while unsubsidised diesel will increase to RM4.07 per litre up from RM3.97 previously.
The retail price of RON97 remained unchanged at RM4.00 per litre.
For subsidised petroleum, the price of RON95 under the Budi95 programme remains unchanged at RM1.99 per litre.
The price of diesel under the Budi Madani Diesel (Budi Diesel) initiative is also maintained at RM2.10 per litre for eligible private diesel vehicle owners.
At the same time,
"The renewed US strikes on Iran, as well as concerns over the security of trade routes in the Strait of Hormuz, have raised crude oil risk premiums and shipping costs.
"The price of Brent crude oil has reached US$85 per barrel, an increase of about 20% over the past two weeks. As long as the conflict remains unresolved, petroleum prices in the global market are expected to continue to be volatile," the statement said on Wednesday (July 17).
The ministry called on the public to continue using fuel prudently to help safeguard the nation's supply stability, saying that more efficient journey planning, along with a reduction in unnecessary travel, would help extend the nation's supply and ease pressure on subsidy expenditure.
