KUALA LUMPUR (July 29): The retail price of unsubsidised RON95, RON97 and diesel will be increased by 20 sen for the coming seven-day period starting July 30.

Unsubsidised RON95 will be priced at RM3.82, RON97 at RM4.40 and unsubsidised diesel at RM4.62 per litre.

The changes in unsubsidised petroleum product prices reflect movements in the global oil market during the past week, the Ministry of Finance (MOF) said in a statement on Wednesday.

Benchmark Brent crude oil had hit US$96 per barrel, a six-week high, the MOF noted. At the time of writing, Brent was trading at US$87.93 per barrel.

This latest increase marks the third consecutive weekly hike for unsubsidised fuels. Subsidised prices, meanwhile, remain unchanged, with RON95 at RM1.99 per litre and diesel at RM2.10 per litre.

The MOF warned that petroleum product prices are expected to be plagued by uncertainty as long as the conflict in West Asia has yet to reach a definitive conclusion.

“Risks to key trade routes, including the Strait of Hormuz and the Red Sea, have also heightened concerns over disruptions to global petroleum supplies,” the ministry said. 

“At the same time, emergency petroleum reserves in several major economies have reportedly continued to decline following the conflict that erupted in West Asia on Feb 28.

“Should supply disruptions persist, the need for these countries to replenish their respective stockpiles could potentially add further pressure to petroleum prices over the medium term,” it added.

The MOF noted the government’s fuel supplies remain sufficient to date, while fuel subsidies remain available via its targeted subsidy programmes.

Nonetheless, it said the government calls on the public to continue practising prudent fuel consumption.