KUALA LUMPUR: The retail price of RON97 petrol will go down by 20 sen to RM4.70 per liter, while unsubsidised RON95 and diesel will drop 15 sen to RM4.27 and RM5.12 per liter respectively from Nov 5 to 11.
The Finance Ministry, in a statement on Wednesday (Nov 4), announced that the pricing is based on the Automatic Pricing Mechanism (APM) formula, compared to the current prices of RM4.90 for RON97, RM4.42 for unsubsidised RON95 and RM5.27 for unsubsidised diesel.
"The regional petroleum market shows signs of moderation following an increase in the supply of refined fuels, including petrol and diesel stocks in Singapore, which serves as one of the market references for petroleum pricing in Malaysia.
"This development, together with the drop in Brent crude oil prices at the end of the APM calculation period, indicates the possibility of lower price pressures," according to the statement.
However, the ministry noted that geopolitical uncertainties in the Middle East continue to pose risks to world petroleum price stability.
Meanwhile, the price of subsidised RON95 through Budi95 remains at RM1.99 per litre, with the government bearing a subsidy of RM2.28 per litre, or 53% of the unsubsidised price for the period.
For Budi Diesel, the price for eligible recipients remains at RM2.10 per litre, involving a government subsidy of RM3.02 per litre, or 59% of the unsubsidised price.
Additionally, the price of petrol under the Subsidised Petrol Control System (SKPS) remains at RM2.05 per litre, while diesel under the Subsidised Diesel Control System (SKDS) remains at RM2.15 per litre.
According to the Finance Ministry, eligible Malaysians can continue to purchase subsidised RON95 and diesel using their MyKad, subject to monthly eligibility limits.
"The Madani government will continue to take a prudent approach to protect the rakyat from price fluctuations, while ensuring that the country's fuel supply remains adequate and secure," read the statement. – Bernama
