KUALA LUMPUR, May 28 — The retail prices of RON95 and RON97 petrol have been reduced by 15 sen and 20 sen per litre respectively, while the price of diesel in Peninsular Malaysia has been reduced by 10 sen per litre for the period from May 28 to June 3.
The Ministry of Finance (MOF) said in a statement today that the retail price of RON95 petrol has been reduced to RM3.92 per litre from RM4.07, while RON97 has been lowered to RM4.65 from RM4.85. Diesel in Peninsular Malaysia has also been reduced to RM4.87 from RM4.97 per litre.
According to the ministry, in line with the Automatic Price Mechanism (APM) formula, the retail prices of petrol and diesel for the week were lowered following a decline in the average international market price in the previous week.
“However, this decline does not indicate that the pressure on the global petroleum market has subsided, as market uncertainty following the conflict in West Asia, which has lasted for more than 12 weeks, still persists.
“In addition, the damage to oil production and refining facilities in West Asia will require a long period of time to recover,” the statement said.
Meanwhile, MOF said the MADANI government continues to maintain the price of subsidised petroleum products in a targeted manner to preserve the people’s livelihoods and support the operations of certain sectors amid uncertain global market conditions.
The subsidised prices maintained are RON95 through BUDI95 at RM1.99 per litre, diesel in Sabah, Sarawak and Labuan at RM2.15 per litre, while prices under the Subsidised Petrol Control System (SKPS) and Subsidised Diesel Control System (SKDS) remain at RM2.05 and RM2.15 per litre respectively.
According to MOF, through BUDI95, the government continues to maintain the subsidised RON95 price for more than 14 million eligible recipients, with over 90 per cent of the country’s total fuel consumption involving subsidy recipients.
“At the current unsubsidised RON95 price of RM3.92 per litre, the consumption of 200 litres will cost RM784. This means that the MADANI government will bear RM386 for each recipient who uses the full BUDI95 entitlement.
“Through the monthly eligibility ceiling of up to 200 litres, BUDI95 recipients will only pay up to RM398 per month for full utilisation of the entitlement,” the statement said.
MOF said that to balance cost-of-living concerns and fiscal expenditure prudently, the government will continue taking a targeted approach to protect the public from fuel price fluctuations, while ensuring the country’s supply remains sufficient and secure.
Meanwhile, the government has called on the public to practise prudent fuel consumption through more efficient travel planning and by reducing unnecessary travel to help ensure the country’s fuel supply remains secure amid current uncertain global market conditions.
