KUALA LUMPUR: The retail prices of RON97 and unsubsidised RON95 petrol will increase by 15sen per litre to RM5.15 and RM4.67, respectively, while unsubsidised diesel will remain at RM5.27 per litre from Oct 8 to 14.
The Finance Ministry said the increase was driven by pressure on the supply of refined petroleum products in the international market, despite the gradual recovery of crude oil flows from West Asia.
"Although crude oil flows from West Asia are gradually recovering, global crude oil prices remain high. Throughout the Automatic Pricing Mechanism (APM) calculation period, Brent crude oil prices continued to hover around US$100 per barrel," it said in a statement Wednesday (Oct 7).
The ministry said price pressures are now increasingly concentrated on refined petroleum products following China's suspension of most fuel exports for October, thereby limiting supplies in the international market.
"The recovery of global refining capacity and refined petroleum product supplies remains important in reducing price pressures in the medium term," it added.
The Finance Ministry said developments in the conflicts in the Middle East and between Russia and Ukraine continue to pose risks to the stability of global petroleum supplies and prices.
"The Madani government will continue to protect the rakyat and businesses from the impact of this global volatility, including by maintaining targeted Budi Madani subsidies for eligible users," it added.
Meanwhile, Budi Madani RON95 (Budi95) recipients will continue to pay RM1.99 per litre compared to the unsubsidised RON95 price of RM4.67 per litre, with the government bearing a subsidy of RM2.68 per litre, or 57% of the unsubsidised price.
Budi Madani Diesel (Budi Diesel) recipients will continue to pay RM2.10 per litre compared to the unsubsidised diesel price of RM5.27 per litre, with a government subsidy of RM3.17 per litre or 60% of the unsubsidised price.
The ministry said fuel supplies in the country remained sufficient, but urged consumers to use fuel prudently, plan journeys efficiently and reduce unnecessary travel to help conserve supplies and manage subsidy expenditure.
It said the Madani government would continue to adopt a prudent approach to cushion the impact of price fluctuations while ensuring the country's fuel supply remains sufficient and secure. - Bernama
