KUALA LUMPUR (Aug 12): Retail prices for unsubsidised fuels will decrease in the upcoming week starting Aug 13, following a drop in global oil prices last week.

The price of unsubsidised RON95 will go down by 15 sen to RM3.62 per litre, according to the Ministry of Finance, while RON97 will drop by 20 sen to RM4.15 per litre, and diesel will fall by 10 sen to RM4.47 per litre.

Subsidised petrol prices remain unchanged, with RON95 staying at RM1.99 per litre, and diesel at RM2.10 per litre. This means the government bears a subsidy of RM1.63 per litre for eligible consumers under the Budi95 programme, and RM2.37 per litre for those under the targeted Budi Diesel programme.

The ministry noted that early optimism for a US-Iran resolution initially pushed Brent crude below US$80 per barrel — a three-week low — at the start of the pricing period. However, global oil prices surged by nearly 5% on Monday after negotiations faltered over new demands from both sides, reigniting geopolitical anxieties regarding the Strait of Hormuz.

In the near term, further price fluctuations are expected as uncertainty over the reopening of the Strait of Hormuz continues to pose a risk of disruption to the world oil supply, putting continued pressure on petroleum prices, it said.

On that note, it urged the public to continue practising prudent fuel consumption. "Planning more efficient journeys and reducing unnecessary travel can help ease pressure on the country’s supply and subsidy expenditure,” the ministry added.