Another Friday, and despite the movement control order (MCO), the usual weekly fuel price update rolls on. No change in the price of petrol, but that for diesel has been lowered again for the coming April 18 to 24 week.

The ministry of finance has announced that the price of Euro 4M RON 95 petrol continues on as it was last week, at RM1.25 per litre. Likewise, no change to the price of RON 97, which remains at RM1.55 per litre.

As for Euro 2M diesel, that has dropped by three sen to RM1.43 per litre (previously, RM1.46). This means that Euro 5 diesel, which costs 10 sen more than Euro 2M diesel, will be priced at RM1.53 per litre.

The continued price slide is a result of global crude oil prices continuing to slump, despite an attempt to push up prices earlier this week. Last Sunday, OPEC, along with Russia and other oil-producing nations agreed to slash their combined output by 9.7 million barrels per day, representing around 10% of global supply.

Unfortunately, the announcement of the biggest production cut in history hasn’t had much of an impact, with the barrel price remaining just under the US$20 mark as continued oversupply and a huge fall in demand continue to dictate terms. The Covid-19 outbreak has seen global fuel consumption drop drastically, grounding aviation and limiting the movement of surface travel and vehicular use in many places.

These prices remain effective until April 24, when the next fuel price update is announced. This is the 15th edition of the weekly fuel pricing format for the year and the 67th edition in total for the format, which runs from Saturday until the following Friday.