Baku:The retail prices of RON97 and unsubsidised RON95 petrol in Malaysia will decrease by 5 sen per litre to RM5.10 and RM4.62 respectively. Similarly, the price of unsubsidised diesel will fall by 10 sen to RM5.17 per litre for the period from October 15 to 21.

According to BERNAMA News Agency, the Ministry of Finance (MOF) stated that despite Brent crude oil prices remaining above US$100 per barrel, the supply of refined petroleum products in the regional market is starting to recover. This recovery is attributed to China re-authorising fuel exports for October and South Korea continuing its supply of refined petroleum products, which is alleviating supply pressures.

The ministry also highlighted the ongoing conflict in West Asia, including recent attacks in Saudi Arabia, which poses a risk of supply disruptions and potential increases in petroleum prices. Price volatility is anticipated to persist in the medium term. To mitigate these effects, the government has committed to spending RM40 billion on fuel subsidies next year, as outlined in Budget 2027, to support economic growth and ensure the sustainability of livelihoods.

Under the BUDI MADANI RON95 (BUDI95) program, recipients will continue to pay RM1.99 per litre, with the government subsidizing RM2.63 per litre, which represents 57% of the unsubsidised price. For BUDI MADANI Diesel (BUDI Diesel) recipients, the price remains at RM2.10 per litre, with a subsidy of RM3.07 per litre, or 59% of the unsubsidised cost.

The MOF urged the public to practice prudent fuel consumption to help extend the nation's fuel supply and reduce subsidy expenditure. Efficient travel planning and minimizing unnecessary trips are recommended to alleviate pressure on the country's resources. The government remains committed to protecting citizens from price fluctuations while ensuring a sufficient and secure fuel supply.