Unsubsidised petrol, diesel prices rise for 5th time in 6 weeks in Malaysia

Pump prices for unsubsidised fuel rose for the fifth time in six weeks on Thursday (Sept 24).

Announcing the adjusted petrol and diesel prices for the period of Sept 24 to 30, the finance ministry said retail prices for unsubsidised Ron95 and Ron97 will go up by 20 sen per lite; while the price of unsubsidised diesel will increase by 15 sen per litre.

This follows the 35 sen per litre increase for the period of Sept 17 to 23.

Following the latest round of pricing, the new prices for unsubsidised Ron95, Ron97, and diesel are RM4.57 (S$1.43), RM5.05 and RM5.42 per litre, respectively.

Supply constraints in refined petroleum products continue to keep market prices high, the ministry explained, adding that disruptions to refined petroleum products in Russia — one of the world's largest diesel exporters — complicated the situation.

"The recovery of global refining capacity is important for the moderation of petroleum product prices," the finance ministry said, noting that the restoration of fuel being transported through the Strait of Hormuz could help reduce pressure on crude oil and refined petroleum product prices.

The ministry also cautioned that the global petroleum market is expected to remain volatile in the medium-term as long as global geopolitical uncertainties continue.

Malaysia uses the APM formula — introduced in 1983 to stabilise prices based on market fluctuations — when determining weekly petrol prices.

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