With Friday comes another weekly fuel price update, and again, more wonderful news for motorists, but unfortunately most won’t be able to fully capitalise on it as a result of the movement control order (MCO) limiting movement and travel.

The ministry of finance has announced that the price of all fuels has dropped again for the coming April 4 to 10 week. The price of Euro 4M RON 95 petrol has dropped by eight sen to RM1.30 per litre (from RM1.38 per litre last week), while RON 97 also gets an eight sen reduction to RM1.60 per litre (from RM1.68 last week).

As for Euro 2M diesel, that has dropped by 10 sen, and so the fuel now goes for RM1.58 per litre (previously, RM1.68). This means that Euro 5 diesel, which costs 10 sen more than Euro 2M diesel, will be priced at RM1.68 per litre.

The price reduction that has been happening in the past few weeks is a result of falling crude oil prices globally due to an “oil war” among oil-producing countries – at one point a day or so ago, the barrel price dropped below US$20, with fears that it could go as low as US$10 or even into the negative.

That has been temporarily arrested into an uptrend, but expect to see fuel prices hovering around this region for a while, given the lack of fuel consumption globally as a result of the Covid-19 outbreak, which has grounded aviation and limited the movement of vehicle travel in many places.

The prices remain effective until April 10, when the next fuel price update is announced. This is the 13th edition of the weekly fuel pricing format for the year and the 65th edition in total for the format, which runs from Saturday until the following Friday.