M'sia to keep fuel prices steady from Jul. 9 to 15, subsidised RON95 at S$0.63 per litre

Peninsula Malaysia's retail prices of unsubsidised RON95 petrol and diesel will remain unchanged from Jul. 5 to 15.

In a Facebook post, the Malaysian Finance Ministry said the retail price of RON97 will stay at RM4 (S$1.27) per litre, and unsubsidised RON95 will remain at RM3.37 per litre (S$1.07).

Diesel prices in Peninsula Malaysia will still be set at RM3.97 per litre (S$1.26).

Under the Budi95 programme, subsidised RON95 petroleum remains at RM1.99 (S$0.63) per litre for over 14 million eligible Malaysian recipients.

The price of diesel in Sabah, Sarawak and Labuan will stay at RM2.15 (S$0.68) per litre.

Malaysia's subsidised petrol and diesel system to stay steady

Under Malaysia's Subsidised Petrol Control System (SKPS) and Subsidised Diesel Control System (SKDS), petrol and diesel remained at RM2.05 (S$0.65) per litre and RM2.15 (S$0.68) per litre respectively.

The price of diesel under the Budi Madani Diesel (Budi Diesel) scheme will also be maintained at RM2.10 (S$0.67) per litre for eligible private diesel vehicle owners.

In a statement also posted to Facebook on Jul. 8, the Malaysian Finance Ministry said: "Global crude oil prices continued to moderate over the past week."

The Malaysian Finance Ministry added that the trend was driven by reduced geopolitical risk premiums, supply flow recovery and increased price competition among major producers.

However, the Malaysian Finance Ministry also noted recent developments in the Middle East, including U.S. strikes on Iran on Jul. 7, which indicate risks of price and supply disruptions remain so long as conflict resolution remains elusive.

"In the medium term, an anticipated global supply surplus, following a recovery in production and a moderation in demand, is expected to limit price increases."

The Malaysian Finance Ministry warned that fresh disruptions to major trade routes could cause significant price volatility.

According to The Star, the Malaysian Finance Ministry also assured Malaysians that their fuel supply remained sufficient.

The Malaysian Finance Ministry also called on Malaysians to continue using fuel prudently to help safeguard Malaysia's supply stability.

The ministry added that efficient journey planning and reductions in unnecessary travel would help extend Malaysia's supply and ease pressure on subsidy expenditure.