MOF: Unsubsidised petrol and diesel to rise 10-20 sen per litre from Aug 20-26

KUALA LUMPUR, Aug 19 — The Ministry of Finance (MOF) has announced that retail prices of unsubsidised petrol and diesel in Malaysia will rise by 10 sen to 20 sen per litre starting August 20-26. This increase is attributed to global geopolitical instability impacting crude oil prices and supplies. The RON97 price will go up by 10 sen, reaching RM4.25 per litre, while the unsubsidised RON95 price will increase by 15 sen, now costing RM3.77 per litre.

Diesel prices will see a 20 sen rise, reaching RM4.67 per litre. Subsidised petroleum products, including BUDI Madani RON95 at RM1.99 per litre and BUDI Madani Diesel at RM2.10 per litre, as well as SKPS and SKDS products, will remain at their current prices. The MOF explains that Malaysia bears significant subsidy costs for these petroleum products.

After 172 days of conflict between the US, Israel, and Iran, along with the Russia-Ukraine conflict, global crude oil supplies continue to face challenges due to restrictions in the Strait of Hormuz. As long as the West Asia conflict persists and the Strait of Hormuz remains affected, significant price volatility is expected. The government remains committed to protecting citizens and businesses from the crisis's impact but urges the public to conserve fuel by planning more efficient journeys and reducing unnecessary travel.