KUALA LUMPUR: Retail prices of unsubsidised petroleum products nationwide will increase by between 10 sen and 20 sen per litre from Aug 20 to 26, says the Finance Ministry.
In a statement on Wednesday (Aug 19), the ministry said the retail price of RON97 will increase by 10 sen to RM4.25 per litre from RM4.15 previously.
The price of unsubsidised RON95 will rise by 15 sen to RM3.77 per litre from RM3.62, while unsubsidised diesel will increase by 20 sen to RM4.67 per litre from RM4.47 previously.
Prices of subsidised petroleum products remain unchanged, with Budi Madani RON95 (Budi95) at RM1.99 per litre and Budi Madani Diesel (Budi Diesel) at RM2.10 per litre.
Also unchanged are the prices of petroleum products under the Subsidised Petrol Control System (SKPS) at RM2.05 per litre and the Subsidised Diesel Control System (SKDS) at RM2.15 per litre.
The statement explained that the increase was driven by global geopolitical instability affecting crude oil prices and supplies.
After 172 days of conflict between the United States, Israel and Iran, restrictions on traffic through the Strait of Hormuz continue to affect global crude oil supplies, with no agreement reached on a resolution.
"Meanwhile, the Russia-Ukraine conflict has also added pressure on global petroleum supplies. During the APM calculation period, Ukraine attacked an oil refinery in Russia, which is the world’s third-largest oil producer,” it said.
The ministry added that as long as the conflict remains unresolved and the flow of petroleum through the Strait of Hormuz has yet to return to normal, petroleum product prices are expected to continue experiencing significant volatility. – Bernama
