PUBLISHED ONJuly 15, 2026 10:10 PMBYSean LerFuel prices in Malaysia will rise for the first time in six weeks — since May 28 — following a period of reductions and price stability, the Ministry of Finance announced on Wednesday (July 15).
For the period July 16 to 22, retail prices for unsubsidised Ron95 petrol and diesel will increase by RM0.05 to RM3.42 (S$1.08), and by RM0.10 to RM4.07 respectively.
Meanwhile, the country will keep prices of its unsubsidised Ron97, subsidised Ron95 and subsidised diesel unchanged.
Their posted prices are RM4.00, RM1.99 and RM2.10 respectively.
Prices were kept unchanged last week, after two consecutive weeks of reductions.
Malaysia uses the automatic pricing mechanism formula — introduced in 1983 to stabilise prices based on market fluctuations — when determining weekly petrol prices.
Explaining its decision, the ministry stated that the price of unsubsidised petroleum products is influenced by the movements in the world oil market in the preceding week.
"The new US attack on Iran and concerns over the security of trade routes in the Strait of Hormuz have again increased the risk premium for crude oil and shipping costs," the ministry said.
It also pointed out that the price of Brent crude oil has reached around US$85 (S$110) per barrel, an increase of around 20 per cent in two weeks.
The ministry also cautioned that the price of petroleum products is expected to continue to be plagued by global market uncertainties, as long as the conflict does not reach a final resolution.
Oil prices rose on Wednesday as US President Donald Trump reimposed a naval blockade on all Iranian ports, while Iran launched retaliatory strikes on US infrastructure in the region.
Early on Wednesday, the US also began a fresh round of strikes "to continue degrading Iranian capabilities used to attack commercial shipping in the Strait of Hormuz", the US military said.
Tehran said it has again closed the strait after hostilities between Iran and the US reignited last week, fraying an already fragile truce reached in June after several months of fighting.
The flare-up over the last few days has heightened doubts that a memorandum of understanding signed last month would lead to a permanent halt to the war, which has engulfed Iran's neighbours.
For the second straight session, Brent closed at its highest since June 12 and West Texas Intermediate at its highest since June 15 and rose further on early Wednesday trade.
As of Wednesday night, Brent crude futures are at around US$85 a barrel.
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editor@asiaone.com
