KUALA LUMPUR (April 8): The pump price of diesel in Peninsular Malaysia is set to hit a new record high of RM6.72 per litre starting Thursday (April 9), jumping 70 sen from the previous week. The retail price of RON97 will increase 40 sen to RM5.35 per litre.

This marks the fifth consecutive week of aggressive price hikes for diesel since March 11, leaping from RM3.12 per litre, while RON97 has jumped to a new high from RM3.35 per litre. Unsubsidised RON95 also jumps to a new record of RM4.27 per litre, up by 10.3% compared to last week.

In a statement on Wednesday, the Ministry of Finance (MOF) said although Brent crude prices have begun to ease amid the announcement of a temporary two-week ceasefire between the US and Iran, the impact of this has yet to be reflected in domestic pump prices, which are based on weekly averages.

The ministry said price adjustments for the week of April 9-15 continue to reflect higher global fuel costs recorded over the past five weeks, with refined diesel hitting a critical high of US$250 per barrel, while refined petrol trades around US$150 per barrel following Brent crude's surge past the US$100 mark.

Brent crude was seen sliding 15% to US$94 (RM378.77) per barrel after the ceasefire was announced. At 8.23pm (GMT+8) on Wednesday, it was seen trading at US$92 (RM365.79) per barrel.

Despite the increase in market-based prices, subsidised fuel rates remain unchanged under targeted assistance schemes. RON95 under the Budi95 programme is capped at RM1.99 per litre, while diesel prices in Sabah, Sarawak and Labuan are maintained at RM2.15 per litre.

Under other schemes, the Subsidised Petrol Control System (SKPS) is fixed at RM2.05 per litre and the Subsidised Diesel Control System (SKDS) is maintained at RM2.15 per litre.

To manage supply conditions, the government introduced an interim measure on April 1 including a 200-litre monthly cap under the Budi95 scheme, as well as diesel purchase limits of 50 litres for light vehicles, 100 litres for vehicles below three tonnes, and 150 litres for vehicles above three tonnes.

It added that additional cash assistance of RM100 under the Budi Diesel programme will continue for April, bringing total aid to RM300 for eligible recipients.

“The Madani government will continue to closely monitor global developments and take appropriate measures to ensure the country’s energy supply remains stable and sufficient, while continuing to protect the public through existing targeted support mechanisms,” said the MOF.

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