KUALA LUMPUR: The retail prices of RON97, unsubsidised RON95 and unsubsidised diesel will each increase by 20 sen per litre for the period from July 30 to Aug 5.
In a statement Wednesday (July 29), the Finance Ministry said the retail price of RON97 would rise to RM4.40 per litre from RM4.20, while unsubsidised RON95 would increase to RM3.82 per litre from RM3.62.
The price of unsubsidised diesel will also increase to RM4.62 per litre from RM4.42.
The ministry said prices of unsubsidised petroleum products were influenced by global oil market movements over the past week, with the ongoing conflict between the United States and Iran pushing Brent crude oil prices to a six-week high of US$96 per barrel.
"Risks to major trade routes, including the Strait of Hormuz and the Red Sea, have also heightened concerns over global petroleum supply disruptions.
"As long as the conflict has not reached a definitive resolution, petroleum product prices are expected to remain subject to global market volatility," it said.
The ministry said emergency petroleum reserves in several major economies had also reportedly been depleted following the conflict that broke out in the Middle East on Feb 28.
It said continued supply disruptions and the need for those countries to replenish their strategic reserves could further increase pressure on petroleum prices in the medium term.
Meanwhile, the ministry said subsidised fuel prices for the period from July 30 to Aug 5 remain unchanged.
It said national fuel supplies remain sufficient, while targeted subsidies continue to be provided through Budi Madani RON95 (BUDI95), Budi Madani Diesel (BUDI Diesel), the Subsidised Diesel Control System (SKDS) and the Subsidised Petrol Control System (SKPS).
"The Madani government is committed to shielding the public and businesses from the repercussions of this global crisis as best as possible.
"Nevertheless, the MADANI government also calls on the public to practise prudent fuel consumption by planning journeys more efficiently and reducing unnecessary travel to help ease pressure on national supplies and subsidy expenditure," it said. - Bernama
