KUALA LUMPUR (June 3): Retail prices of RON97 petrol, unsubsidised RON95 petrol and diesel in Peninsular Malaysia will decline for a second consecutive week for the June 4-10 period, amid lower average international market prices in the preceding week.
RON97 will fall by 30 sen to RM4.35 per litre from RM4.65 previously, while unsubsidised RON95 will decrease by 20 sen to RM3.72 per litre from RM3.92, according to the Ministry of Finance (MOF).
Diesel prices in Peninsular Malaysia will also decline by 20 sen to RM4.67 per litre from RM4.87 previously.
The subsidised price of RON95 under the Budi95 scheme remains unchanged at RM1.99 per litre.
Diesel prices in Sabah, Sarawak and Labuan remain at RM2.15 per litre, while prices under the Subsidised Petrol Control System (SKPS) and Subsidised Diesel Control System (SKDS) are maintained at RM2.05 per litre and RM2.15 per litre respectively.
The latest reductions follow last week’s price revision, which saw RON97 prices fall by 20 sen, unsubsidised RON95 decline by 15 sen, and diesel in Peninsular Malaysia ease by 10 sen.
“However, the reduction in retail prices this week does not indicate that the global petroleum market has returned to stability,” the MOF said in a statement on Wednesday.
The ministry said risks of elevated crude oil and petroleum product prices remained high amid the ongoing conflict in West Asia, which is approaching its 100th day.
It highlighted that major importing countries in Asia have recently increased purchases of crude oil from alternative sources to offset supply disruptions from West Asia, although additional imports from the US have yet to fully replace the loss of supply from affected trade routes.
“This situation shows that the global petroleum market continues to face physical supply constraints, despite the decline in average market prices recorded in the previous week,” the ministry said.
“Should the conflict continue, the risk of declining global inventories and supply shortages could place renewed pressure on crude oil and petroleum product prices in the coming period,” it added.
Brent crude oil prices are currently hovering at about US$95 per barrel, remaining well above levels of about US$60 to US$70 seen at the end of February, before the escalation of tensions in West Asia.
The government also urged the public to continue using fuel prudently through more efficient travel planning and by reducing unnecessary travel to help safeguard national fuel supply security.
“To balance the people’s cost of living with the need for prudent fiscal spending, the Madani government will continue to adopt a measured approach to protect the rakyat from price fluctuations, while ensuring the country’s fuel supply remains sufficient and secure,” the MOF added.
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RON95, RON97, diesel prices dip till June 3