KUALA LUMPUR (July 15): The retail price of unsubsidised RON95 petrol will rise by five sen per litre to RM3.42 while unsubsidised diesel will increase by 10 sen to RM4.07 for the period from July 16 to July 22, the Ministry of Finance (MOF) said on Wednesday.

The price of RON97 remains unchanged at RM4 per litre, according to the ministry’s statement on Wednesday.

The latest pricing was driven by movements in the global oil market, particularly following renewed US attacks on Iran and concerns over the security of shipping routes through the Strait of Hormuz, which have raised crude oil risk premiums and shipping costs, said the MOF.

Brent crude prices have climbed to around US$85 per barrel, up about 20% over the past two weeks. At the time of writing on Wednesday, Brent crude was trading at US$84.87 per barrel.

"As long as the conflict remains unresolved, petroleum product prices are expected to continue being affected by uncertainty in global markets," the ministry said.

While Malaysia's fuel supply remains sufficient, the MoF urged the public to use fuel prudently through better travel planning and by reducing unnecessary trips to help conserve supply and ease pressure on subsidy spending.

"The Madani government will continue to adopt a prudent approach to shield the public from price fluctuations while ensuring that the country's fuel supply remains sufficient and secure," it said.

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

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