22/07/2026 10:02 PM

West Asia Geopolitical Risks Drive Up Unsubsidised Petrol, Diesel Prices - MOF

KUALA LUMPUR, July 22 (Bernama) -- Retail prices of unsubsidised RON97 and RON95 will increase by 20 sen per litre each, while unsubsidised diesel will rise by 35 sen per litre for the period from July 23 to 29 following higher global crude oil prices driven by escalating geopolitical tensions in West Asia.

In a statement today, the Finance Ministry (MOF) said the retail price of RON97 has been set at RM4.20 per litre from RM4 previously, while unsubsidised RON95 will increase to RM3.62 per litre from RM3.42.

The retail price of unsubsidised diesel has also been revised to RM4.42 per litre from RM4.07 previously.

According to MOF, unsubsidised petroleum product prices were influenced by movements in the global oil market after Brent crude prices rose 16 per cent last week following renewed tensions between the United States and Iran after a ceasefire expired.

"Shipping restrictions and reduced vessel traffic through the Strait of Hormuz have heightened concerns over disruptions to global petroleum supplies.

"Crude oil prices have also been driven higher by tightening global inventories and the threat of disruptions to oil shipments from Saudi Arabia. The global petroleum market is expected to remain volatile until the conflict is resolved," MOF said.

According to the ministry, although efforts to revive negotiations and proposals for a ceasefire have moderated part of the price increase, these developments have yet to ease market concerns over potential supply disruptions.

Subsidised fuel prices for the same period, however, remain unchanged.

While the country's fuel supply remains sufficient for now, MOF said the MADANI Government urged the public to continue using fuel prudently.

"Planning journeys more efficiently and reducing unnecessary travel can help prolong the nation's fuel supply and ease pressure on subsidy expenditure," the ministry added.

-- BERNAMA

 

 

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