Strait Of Hormuz Reopens, Oil Prices Plunge — But Malaysia’s Diesel Still Hits Record RM6.72
Prices take effect from Thursday (9 April) until 15 April, with diesel in Peninsular Malaysia now at its highest level ever.
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Malaysians will pay more for fuel starting Thursday (9 April), after the government raised petrol and diesel prices for the second time in as many weeks, pushing diesel to its highest level on record.
The Ministry of Finance announced that RON97 petrol will rise 40 sen to RM5.35 a litre, while unsubsidised RON95 will increase by the same amount to RM4.27 a litre. Diesel in Peninsular Malaysia will climb 70 sen to RM6.72 a litre.
The new prices are effective until 15 April.
The latest increase follows a 50 sen diesel hike announced on 2 April, which was itself described as the highest single increase in Malaysian history — the first time diesel crossed the RM6 mark.
Combined, diesel prices in Peninsular Malaysia have risen by RM1.20 a litre within roughly one week.
The ministry attributed the increases to a prolonged global energy crisis, with Brent crude oil surging more than 40 per cent above USD100 a barrel.
More significantly, refined fuel products — the processed petrol and diesel that consumers actually use — have climbed to USD150 a barrel for petrol and USD250 a barrel for diesel.
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The Lag Between World Markets and Your Pump
The timing drew attention.
Global oil prices dropped sharply on Wednesday (8 April) — Brent crude fell roughly 14 per cent to below USD100, touching USD94 a barrel, after the United States and Iran announced a two-week ceasefire and the reopening of the Strait of Hormuz.
Yet domestic pump prices still went up.
The ministry explained that Malaysia’s retail fuel prices are calculated based on the average of the previous five weeks, not the current day’s market rate.
The elevated costs sustained over that period were enough to push this week’s prices higher, regardless of Wednesday’s dip.
Even as Brent crude fell below USD100, analysts cautioned that refined fuel products — the kind that actually reach the pump — would remain expensive for weeks as production and supply chains slowly restart.
Refineries that had been running without adequate crude supply will take time to resume full output, meaning relief at the pump is unlikely to be immediate.
Not Everyone Pays the Same Price
Not all Malaysians face the full increase.
Eligible recipients under the government’s BUDI95 programme continue to pay RM1.99 a litre for RON95 — a price that has not changed. Diesel users in Sabah, Sarawak and Labuan also remain on a fixed rate of RM2.15 a litre.
For everyone else in Peninsular Malaysia, the increases apply in full.
When diesel was raised by 50 sen the previous week, Prime Minister Datuk Seri Anwar Ibrahim had asked the public to faham — to understand — the reasons behind the hike.
Opposition leader Datuk Seri Hamzah Zainudin, who had already seen prices rise by 80 sen the week before, was pointed in his response.
“YAB PM, paham-paham lah kenapa rakyat marah,” he wrote on Facebook — loosely translated: “YAB PM, you should understand by now why the people are angry.”
The government said it would continue to monitor global developments closely and take appropriate steps to ensure a stable energy supply, while protecting the public through existing targeted support mechanisms.
READ MORE: Malaysia’s Hormuz Win: Dr Mahathir Built The Door, Anwar Walked Through It
READ MORE: The Government Gets WFH 15 April; Your Boss? Not So Much
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