As planned, the government has adjusted the price of unsubsidized petrol from RON 95 to a weekly market price, with the fuel set to cost RM2.65 per liter in the coming week. This award applies to those who do not qualify for the Budi Madani RON 95 (Budi95) subsidy. All eligible Malaysian citizens with a valid driver’s license will pay RM1.99 per liter for the fuel, meaning Budi95 recipients will get 66 sen subsidy for every liter of fuel they use.
The increase was mentioned in the weekly fuel price update issued by the Ministry of Finance earlier this evening. The fuel previously cost RM2.60 per liter for the entire month of October, as stated by Finance Minister II Datuk Seri Amir Hamzah Azizan when the Budi95 program launched on September 30.
At the time, he said that the non-subsidized price was fixed for one month (in October) so that the public could adjust to the operation of Budi95 before it was launched based on global prices.
“We will keep the price of RM2.60 stable for a month to make everyone comfortable with this price. After that, like diesel, prices will be revised weekly under the automatic price mechanism, which reflects global market prices as we also need to supply internationally,” he had said.
He had added that fuel prices would follow market movements, rising as global prices rise and falling as they fall, similar to the mechanism applied to diesel. Citing the removal of blanket diesel subsidies last year, he said the retail price at the time was RM3.35 per liter but has since fallen in line with global oil prices. The price for the coming week is currently RM3.07 per litre.
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