KUALA LUMPUR (July 8): The government will maintain the retail prices of unsubsidised petrol and diesel for the July 9 to July 15 period as global oil prices continued to ease in the previous week.

Unsubsidised RON95 will stay at RM3.37 per litre, RON97 at RM4.00 per litre and unsubsidised diesel at RM3.97 per litre, the Ministry of Finance (MOF) said in a statement on Wednesday.

The ministry said global crude oil prices had moderated over the past week amid lower geopolitical risk premiums, improved supply flows and intensifying price competition among major producers. However, it warned that risks to prices and supply remain following fresh developments in West Asia, including the latest US strike on Iran on Monday, as long as the conflict remains unresolved.

"Over the medium term, expectations of a global supply surplus following recovering production and softer demand are likely to cap further price increases. Nevertheless, any new disruptions along key trade routes could trigger significant price volatility," it said.

The MOF added that Malaysia's fuel supply remains adequate for now, but urged consumers to use fuel prudently through more efficient travel planning and by reducing unnecessary trips to help ease pressure on subsidy spending.

Brent crude, the global benchmark, was trading at US$78.29 per barrel on Wednesday. This is a two-week high as oil prices jumped after US President Donald Trump said the memorandum of understanding to end the conflict with Iran was "over", renewing fears of disruptions to Middle East oil supplies.

In the previous pricing cycle from July 1 to 8, prices of unsubsidised RON95, RON97 and unsubsidised diesel were each reduced by 10 sen per litre.

Meanwhile, subsidised fuel prices remain unchanged, with RON95 under the Budi95 programme priced at RM1.99 per litre and diesel under the Budi Diesel programme at RM2.10 per litre.

Fuel prices under the Subsidised Petrol Control System (SKPS) and Subsidised Diesel Control System (SKDS) are maintained at RM2.05 and RM2.15 per litre respectively.

Eligible Malaysians can continue purchasing subsidised RON95 and diesel using their MyKad under the Budi Madani programmes, subject to eligibility criteria and monthly quotas, said the MOF.

The government will continue to "shield consumers from price volatility while ensuring adequate fuel supplies nationwide", it added.