RON97 down 1 sen, RON 95 and diesel prices remain unchanged

PETALING JAYA: Petrol prices for RON95 and diesel remain unchanged while RON97 will be cheaper by 1 sen effective midnight.

The price of RON95 remains unchanged at RM2.08 per litre and diesel at RM2.18 per litre.

RON97 will be sold at RM2.80 per litre from May 4 till May 10.

The finance ministry, in a statement today, said the actual price of RON95 was RM2.50 per litre and for diesel RM2.47 per litre.

However, the government will subsidise fuel prices to alleviate the cost of living of the people and stabilise prices.

It will spend RM130.45 million in subsidies to rein in the price of fuel from May 4 to May 10.

Brent futures, the international benchmark for oil prices, fell US$1.43, or 2%, to US$70.75 per barrel on Thursday. Brent fell as low as US$69.68 earlier in the session.

The drop was partly due to the overhang from Wednesday’s weekly report on US crude stockpiles, which showed inventories surging by 9.9 million barrels. The data also showed US oil production ticking up to a record 12.3 million barrels per day.

US crude stockpiles have risen in five of the last six weeks, helping to ease the market’s concern that global oil supplies are getting tight.

Washington on Thursday stopped issuing waivers that allow several countries, including China and India, to purchase Iranian oil. The Trump administration restored sanctions on Iran’s energy industry in November.

President Trump is largely relying on Saudi Arabia to fill the gap left by Iranian supplies. Saudi Arabia has not explicitly committed itself to hiking output but says it will respond to the market’s needs.

Saudi Arabia, its fellow oil-producing members of Opec, and other producers including Russia, have been limiting supply since January.

The so-called Opec+ alliance meets at the end of next month to discuss whether to extend the six-month deal beyond June.