KUALA LUMPUR (Aug 4): The retail price of unsubsidised RON95, RON97 and diesel will be lowered by five sen for the coming seven-day period starting Aug 6.

Unsubsidised RON95 will be priced at RM3.77, RON97 at RM4.35 and unsubsidised diesel at RM4.57 per litre.

The price reduction comes despite Brent crude oil prices exceeding US$90 per barrel last week, as prices declined towards the end of the Automatic Pricing Mechanism (APM) price calculation period, the Ministry of Finance said in a statement on Wednesday.

The drop in retail prices ends three consecutive weeks of hikes in unsubsidised fuel.

Subsidised prices, meanwhile, remain unchanged, with RON95 at RM1.99 per litre and diesel at RM2.10 per litre.

“The geopolitical situation remains uncertain, including developments relating to peace efforts that continue to change from day to day and this has continued to cause significant volatility in the global oil market. Petroleum prices remain sensitive to the risk of supply disruptions should key shipping routes, particularly the Strait of Hormuz and the Red Sea, be affected following an escalation of conflict,” the ministry said.

“As long as the conflict has yet to reach a definitive resolution, petroleum product prices are expected to continue to be affected by uncertainty in the global market,” it added.

The ministry said the government continues to adopt a prudent approach to protect the people from price fluctuations while ensuring fuel supply remains sufficient and secure.