Malaysia's Fuel Prices Fall for First Time in Three Weeks

Fuel prices in Malaysia have fallen for the first time in three weeks, following a three-week rise. According to the Finance Ministry, retail prices for unsubsidised Ron95 and Ron97 petrol will decrease by 5 sen per litre to RM3.77 (S$1.18) and RM4.35 respectively.

The price of unsubsidised diesel will also fall by 5 sen to RM4.57 per litre. However, subsidised fuel prices remain unchanged at RM1.99 per litre for Ron95 and RM2.10 per litre for Budi Diesel.

The drop in global oil prices is attributed to the automatic pricing mechanism (APM) formula, which determines weekly petrol prices based on market fluctuations. The latest reduction was due to a decrease in global oil prices at the end of the APM calculation period last week.

However, the ministry cautioned that the ongoing geopolitical situation in the Middle East continues to cause 'significant fluctuations' in the global oil market. As long as the conflict has not reached a final resolution, petroleum product prices are expected to continue to be plagued by global market uncertainty.