Impact of Middle East Conflict: Malaysia Raises Fuel Prices for Second Consecutive Week

Malaysia’s Finance Ministry has once again increased fuel prices for the second consecutive week. The hike is due to the surge in global oil prices amid the Middle East conflict.

The announcement was made on Wednesday evening. The government continues to hold the price of the subsidised fuel type Research Octane Number 95, or RON95.

The price of RON95 is set at 1.99 Malaysian ringgit per litre, approximately Rp 8,586. All Malaysian citizens use this type.

Non-subsidised fuel prices have risen sharply. The price of Research Octane Number 97, or RON97, is now 4.55 ringgit per litre, approximately Rp 19,634. Last week, the price was 3.85 ringgit per litre, approximately Rp 16,613.

Diesel prices have also increased. The new rate reaches 4.72 ringgit per litre, approximately Rp 20,372. Previously, the price was 3.92 ringgit per litre, approximately Rp 16,916.

The government continues to hold diesel prices for certain groups. Users in East Malaysia as well as the land transport and public transportation sectors still pay 2.15 ringgit per litre, approximately Rp 9,278.

This step is taken to curb the burden on society ahead of the Eid al-Fitr holiday.

The Ministry emphasises that supervision will be tightened. Authorities will crack down on cross-border fuel smuggling. The price difference with neighbouring countries is considered vulnerable to exploitation by illegal actors.