Retail prices of petrol, diesel to drop from tomorrow till June 3

The retail prices of RON95 and RON97 petrol have been reduced by 15 sen and 20 sen per litre, respectively, while the price of diesel in Peninsular Malaysia has been reduced by 10 sen per litre for the period from May 28 to June 3.

The Finance Ministry in a statement today announced that the retail price of RON95 petrol has been reduced to RM3.92 per litre from RM4.07, RON97 to RM4.65 from RM4.85, while diesel in Peninsular Malaysia has been reduced to RM4.87 from RM4.97.

According to the ministry, in line with the Automatic Price Mechanism (APM) formula, the retail prices of petrol and diesel for the week in question were reduced following the decline in the average international market price in the previous week.

“However, this decline does not indicate that the pressure on the global petroleum market has subsided, as market uncertainty following the conflict in the Middle East that has lasted for more than 12 weeks still persists.

“In addition, the damage to oil production and refining facilities in the Middle East will require a long period of time to recover,” the statement said.

The ministry said the Madani government continues to maintain the price of subsidised petroleum products in a targeted manner to preserve the livelihood of the people and the operations of certain sectors in the uncertain global market conditions.

The subsidised prices maintained are RON95 through Budi95 at RM1.99 per litre, diesel in Sabah, Sarawak and Labuan (RM2.15), while for the Subsidised Petrol Control System and the Subsidised Diesel Control System at RM2.05 and RM2.15 per litre respectively.

14m eligible recipients

According to the ministry, through Budi95, the government continues to maintain the subsidised RON95 price for more than 14 million eligible recipients, with more than 90 percent of the total fuel consumption in the country involving subsidy recipients.

“At the current unsubsidised RON95 price of RM3.92 per litre, the consumption of 200 litres will cost RM784. This means that the government will bear RM386 for each recipient who uses the full Budi95 entitlement.

“Through the monthly eligibility ceiling of up to 200 litres, Budi95 recipients will only pay up to RM398 per month for the full use of the entitlement,” the statement said.

The ministry said to balance the cost of living and fiscal expenditure needs prudently, the government will continue to take a targeted approach to protect the people from fuel price fluctuations, in addition to ensuring that the country’s supply remains sufficient and secure.

The government further called on the people to practise prudent fuel consumption through more efficient travel planning and reducing unnecessary travel.

This, it said, will help ensure that the country’s supply continues to be secure in the current uncertain global market conditions.

- Bernama

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