KUALA LUMPUR (Aug 26): Retail prices for unsubsidised fuels will rise by five sen per litre for the week starting Aug 27 due to high global crude oil prices stemming from geopolitical volatility.

The unsubsidised price of RON95 will rise to RM3.82, RON97 to RM4.30 and diesel to RM4.72, according to a statement by the Finance Ministry.

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

This means the government will subsidise RON95 at RM1.83 per litre, about 48% of the current market price. Meanwhile, it will bear RM2.62 per litre, or 56% of the market price, for diesel.

The ministry said that after 179 days of conflict between the US, Israel and Iran, about 290 million of the 400 million barrels of emergency petrol reserves agreed to be released by the International Energy Agency member states have entered the market as of July.

This depletion of buffer supplies is expected to increase the risk of price pressure.

Should these disruptions persist and the flow of petroleum through the Strait of Hormuz does not normalise, the price of petroleum will continue to fluctuate.

Given this ongoing geopolitical volatility, the ministry urges the public to consume fuel prudently.