Malaysia drops unsubsidised fuel prices 1 week after hike, citing increase in refined supplies
One week after prices were raised, Malaysia's finance ministry on Wednesday (Nov 4) evening announced reductions to its unsubsidised fuel rates for the week of Nov 5 to 11.In its weekly fuel price announcement, the ministry said prices of unsubsidised Ron95 and Ron97 will fall by 15 sen and 20 sen respectively, while unsubsidised diesel rate will fall by 15 sen.The price of unsubsidised diesel, Ron97 and Ron95 now stand at RM5.12 (S$1.61), RM4.70 and RM4.27 respectivelyPrior to last week's hike, unsubsidised fuel prices had fallen for two straight weeks, with the ministry explaining then that this was due to doubts on oil supplies and volatile global oil prices.It said this week's price reductions were due to the regional petroleum market showing signs of moderation following the increase in refined fuel supplies, including petrol and diesel stocks in Singapore.