'It is a difficult decision': Malaysia PM Anwar says government to maintain Ron95 price at $0.64 per litre

Malaysia's subsidised Ron95 petrol will continue to be priced at RM1.99 (S$0.64) per litre despite rising pump prices due to ongoing conflict in the Middle East, said Malaysian Prime Minister Anwar Ibrahim. 

Speaking during a press conference on Wednesday (March 11), Anwar said: "I told the Cabinet to maintain the price of Budi95 for the people. It is a difficult decision." Budi95 refers to the Ron95 subsidy programme. 

He noted that global oil prices have spiked "far higher, especially when compared with neighbouring countries". 

According to Anwar, pump prices in Malaysia have risen by up to threefold following attacks on Iran. 

The fluctuating oil prices could create major economic uncertainty, but Malaysia's oil supply "remains under control", he said. 

"When we reviewed the matter with Petronas, we found that petroleum product supplies are sufficient at least until May 2026," he said. 

At the same time, Anwar said that the government will clamp down on diesel smuggling activities in Sabah and Sarawak. 

"Enforcement efforts will be intensified to curb leakages and prevent the misuse of subsidised fuel, as fuel prices in Malaysia remain lower compared to neighbouring countries," he said. 

Malaysia's Ministry of Finance also released a statement separately, saying that recipients of the Budi diesel cash assistance will receive an increased amount of RM300 per month for the interim period. 

It also said that retail fuel prices for the period of March 12 to March 18 would be fixed: 

• Ron97: RM3.85 per litre
• Ron95 (without subsidy): RM3.27 per litre
• Diesel: RM3.92 per litre 

Pump prices in Singapore spike

Meanwhile, petrol and diesel prices in Singapore rose for the third day in a row on Wednesday. 

However, petrol companies are being advised to "exercise restraint" in raising prices pre-emptively, said Consumers Association of Singapore president Melvin Yong in response to AsiaOne's queries. 

Yong said that the consumer watchdog is closely monitoring the recent increase in fuel pump prices, and that motorists can check the latest fuel prices on the Price Kaki app to make informed decisions. 

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dana.leong@asiaone.com