Malaysia's pump prices will fall for a second straight week as the Ministry of Finance announced downward adjustments to the posted prices for petrol and diesel. The retail prices for unsubsidised Ron95 and Ron 97 will fall by 20 cents and 30 cents, respectively, to RM3.72 per litre and RM4.35 per litre.
Malaysia's Finance Ministry said on Wednesday there is still a high risk that crude oil and petroleum product prices will remain high in the medium term.
Pump prices in Malaysia will fall for a second straight week, between June 4 and June 10, as Malaysia's Ministry of Finance announced on Wednesday downward adjustments to the posted prices for petrol and diesel. For this period, the retail prices for unsubsidised Ron95 and Ron 97 will fall by 20 cents and 30 cents, respectively, to RM3.72 per litre and RM4.35 per litre.
Meanwhile, the price of diesel in Peninsular Malaysia was also set 20 cents lower, at RM4.67 per litre. The price of subsidised Ron95 petrol Budi95 remains unchanged at RM1.99, in line with Malaysian Prime Minister. Explaining its decision, the ministry said that the reductions follow the decline in average international market prices the previous week.
However, it also cautioned that the consecutive lowering of pump prices does not signal that the global petroleum market has returned to normal. On the contrary, with the 100th day of the conflict nearing and the latest developments in the Middle East, there is still a high risk that crude oil and petroleum product prices will remain high in the medium term.
It also noted that major fuel importing countries in Asia have been forced to increase their purchases of crude oil from alternative sources to accommodate supply disruptions from the Middle East, adding that the risk of global inventory depletion and supply shortages could put new pressure on prices in the coming period. Malaysia uses the automatic pricing mechanism formula introduced in 1983 to stabilise the price of petrol and diesel based on market fluctuations when determining weekly petrol prices
Malaysia's Finance Ministry Pump Prices Crude Oil Petroleum Product Prices Middle East Conflict
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