PETALING JAYA: The retail prices of RON97 and unsubdised RON95 petrol will rise by 20 sen per litre each from Sept 24 to 30, says the Finance Ministry.
RON97 will retail at RM5.05 per litre, up from RM4.85, while unsubsidised RON95 will be priced at RM4.97 per litre, up from RM4.37, based on the Automatic Pricing Mechanism (APM).
The retail price of unsubsidised diesel will also increase by 15 sen to RM5.42 per litre for the same period.
The ministry said constraints on the supply of refined petroleum products kept market prices high while disruptions to refined petroleum production in Russia, one of the world's biggest diesel exporters, also added pressure.
Diesel exports from West Asia, the ministry said, also fell by more than 50% between March and August this year.
“The recovery of global refinery capacity is crucial to ease petroleum product prices.
“At the same time, the recovery of petroleum flowing through the Strait of Hormuz can ease pressures on the prices of raw materials and refined petroleum products.
“However, global geopolitical uncertainty is expected to influence the price of petroleum products in the short term,” it said in a statement on Wednesday (Sept 23).
The ministry, however, said the Madani administration would continue to shield the rakyat and businesses from the impact of global uncertainties, including by retaining subsidies under the Budi Madani mechanism for eligible users.
It said Budi Madani RON95 recipients would continue to purchase RON95 at RM1.99 per litre, while Budi Madani Diesel recipients could buy diesel at RM2.10 per litre.
“While the country's fuel supplies remain sufficient, the rakyat is urged to use it prudently by planning journeys better and reducing unnecessary travel.
“This would help extend the duration for which the country's supplies can last and reduce pressure on the Government's subsidy expenditure,” said the Finance Ministry.
