West Asia Geopolitical Risks Push Up Prices Of Unsubsidised Petrol, Diesel - MoF
KUALA LUMPUR, July 22 (Bernama) -- Escalating geopolitical risks in West Asia are causing the retail prices of unsubsidised petrol and diesel to rise from July 23 to July 29, 2026, according to the Ministry of Finance (MOF).
The MOF said in a statement today that based on the "Automatic Pricing Mechanism" (APM) formula, the unsubsidised retail prices of RON97 and RON95 increased by 20 sen per litre each to RM4.20 and RM3.62 per litre respectively, while the unsubsidised price of diesel rose by 35 sen to RM4.42 per litre.
"Unsubsidised petroleum product prices were influenced by global oil market movements over the preceding week, with Brent crude oil prices rising 16 per cent following the escalation of conflict between the United States and Iran after the ceasefire period ended.
“Restrictions on shipping and reduced vessel traffic through the Strait of Hormuz have heightened concerns regarding disruptions to global petroleum supplies,” the ministry said.
The MOF said the rise in crude oil prices was also driven by dwindling global inventory levels and the threat of disruptions to oil shipments from Saudi Arabia.
“The global petroleum market is expected to remain volatile until a resolution to the conflict is finalised.
“Although efforts to revive negotiations and ceasefire proposals have somewhat curbed the price surge, these developments have yet to alleviate market concerns regarding the risk of supply disruptions,” the MOF said.
The MOF also said that although the country's fuel supply remains sufficient for the time being, the government urges the public to continue practising prudent fuel consumption.
“Planning journeys more efficiently and reducing unnecessary travel can help extend national supplies and alleviate pressure on subsidy expenditure,” the ministry said.
The MOF added that the government would continue to adopt a prudent approach to protect the public from price fluctuations, while ensuring that the country's fuel supply remains adequate and secure.
-- BERNAMA