The Ministry of Finance (MOF) has announced an increase in the retail prices of RON97, RON95 and diesel by five sen per liter, effective from tomorrow until November 19.
The new prices are set at RM3.25 per liter for RON97, RM2.65 per liter for RON95 without subsidy, and RM3.07 per liter for diesel in Peninsular Malaysia, respectively.
MOF explained that the subsidized retail price of RON95 under the BUDI95 program remains at RM1.99 per liter, while the price of diesel in Sabah, Sarawak and Labuan remains at RM2.15 per liter.
The government will continue to review and adjust retail fuel prices based on current developments in the world crude oil market, with priority given to price stability and the well-being of the people.
In recent times, world oil prices have shown an upward trend due to geopolitical factors and supply disruptions, causing fuel production costs to increase.
The Ministry stressed that this price adjustment measure is targeted and takes into account the people's ability to cope with changes in the cost of living.
In addition, the MOF stressed that the government is constantly monitoring the subsidy mechanism and price control measures on a regular basis.
This includes assessing the effectiveness of the BUDI95 program as well as other support measures to ensure that the people continue to benefit from more affordable fuel prices, especially the low-income group and economic sectors affected by increased operating costs.
