MOF: Pump fuel prices reflect last week’s costs despite global drop

MOF: Pump fuel prices reflect last week’s costs despite global drop

KUALA LUMPUR: The Ministry of Finance (MOF) said Malaysia’s pump fuel prices have not declined as they are determined based on the previous week’s average prices, not current levels, despite a drop in global crude oil prices.

In an infographic posted on its X account, the ministry said existing supply was procured at higher prices and continues to influence pump prices.

“Global oil prices have surged over the past five weeks, raising costs including logistics and insurance.

“Current prices still reflect earlier high supply costs, at around US$150 per barrel for petrol and US$250 per barrel for diesel,” the MOF said.

Earlier, the MOF said in a statement that the subsidised RON95 price under the BUDI95 programme remains at RM1.99 per litre for April 9 to 15, while the unsubsidised retail price has risen by 40 sen to RM4.27 per litre.

“For diesel, the subsidised retail price in Sabah, Sarawak and Labuan remains at RM2.15 per litre, while the unsubsidised price in Peninsular Malaysia has increased by 70 sen to RM6.72 per litre,” it said.

– Bernama