How Affordable Is Malaysia’s RON95? Here’s Our Ranking Among 169 Countries

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Beginning 30 September, the price of RON95 will be reduced by 6 sen to RM1.99 per litre for all Malaysians

Finance Minister II Datuk Seri Amir Hamzah Azizan said on Monday, 22 September, that Malaysia remains among the countries with the cheapest fuel prices in the world.

He said that the price will be fixed at RM1.99 per litre, regardless of global oil market fluctuations.

"At RM1.99 per litre, Malaysians are paying one of the lowest subsidised fuel rates globally.

"Even if prices are adjusted to market levels, we will still rank as one of the lowest in the world," the New Straits Times quoted him as saying.

To put things into perspective, here's where Malaysia ranks in global RON95 prices:

Rank	Country	US Dollar (USD)	Malaysian Ringgit (RM)
1	Libya	USD0.028	RM0.12
2	Iran	USD0.029	RM0.12
3	Venezuela	USD0.035	RM0.15
4	Angola	USD0.327	RM1.37
5	Kuwait*	USD0.344	RM1.44
6	Algeria*	USD0.355	RM1.49
7	Egypt*	USD0.395	RM1.66
8	Turkmenistan	USD0.428	RM1.80
9	Kazakhstan	USD0.449	RM1.89
10	Malaysia*	USD0.488	RM2.05
11	Bahrain*	USD0.53	RM2.23
12	Bolivia*	USD0.541	RM2.27
13	Qatar*	USD0.549	RM2.31
14	Nigeria	USD0.566	RM2.38
15	Saudi Arabia*	USD0.621	RM2.61
16	Oman*	USD0.622	RM2.61
17	Azerbaijan	USD0.647	RM2.72
18	Iraq	USD0.649	RM2.73
19	Sudan	USD0.700	RM2.94
20	UAE*	USD0.702	RM2.95
21	Bhutan	USD0.717	RM3.01
22	Indonesia*	USD0.756	RM3.18
23	Lebanon*	USD0.759	RM3.19
24	Ecuador*	USD0.761	RM3.20
25	Russia*	USD0.762	RM3.20
26	Belarus*	USD0.768	RM3.23
27	Vietnam*	USD0.797	RM3.35
28	Guyana*	USD0.814	RM3.42
29	Ethiopia	USD0.840	RM3.53
30	Syria	USD0.864	RM3.63
31	Tunisia	USD0.871	RM3.66
32	Maldives	USD0.882	RM3.70
33	Kyrgyzstan	USD0.896	RM3.76
34	Paraguay*	USD0.912	RM3.83
35	Panama*	USD0.922	RM3.87
36	Puerto Rico*	USD0.923	RM3.88
37	Pakistan*	USD0.933	RM3.92
38	USA*	USD0.935	RM3.93
39	Burma*	USD0.944	RM3.96
40	Taiwan*	USD0.947	RM3.98
41	Liberia	USD0.992	RM4.17
42	Bangladesh	USD1.002	RM4.21
43	Philippines*	USD1.012	RM4.25
44	El Salvador*	USD1.014	RM4.26
45	Afghanistan	USD1.036	RM4.35
46	Honduras*	USD1.039	RM4.36
47	Botswana	USD1.042	RM4.38
48	Gabon	USD1.070	RM4.49
49	Guatemala*	USD1.072	RM4.50
50	China*	USD1.075	RM4.52
51	DR Congo	USD1.082	RM4.54
52	Argentina*	USD1.084	RM4.55
53	Australia*	USD1.089	RM4.57
54	Uzbekistan	USD1.091	RM4.58
55	Colombia*	USD1.092	RM4.59
56	Cambodia*	USD1.123	RM4.72
57	Sri Lanka*	USD1.127	RM4.73
58	Haiti	USD1.130	RM4.75
59	Nepal*	USD1.134	RM4.76
60	Lesotho*	USD1.135	RM4.77
61	Fiji*	USD1.138	RM4.78
62	Tanzania*	USD1.139	RM4.78
63	India*	USD1.139	RM4.78
64	Madagascar*	USD1.140	RM4.79
65	Trinidad & Tobago	USD1.144	RM4.80
66	Georgia*	USD1.148	RM4.82
67	Peru*	USD1.149	RM4.83
68	Brazil*	USD1.152	RM4.84
69	Curacao*	USD1.163	RM4.88
70	Suriname*	USD1.168	RM4.91
71	Namibia*	USD1.175	RM4.94
72	Grenada*	USD1.180	RM4.96
73	Japan*	USD1.187	RM4.99
74	Swaziland	USD1.190	RM5.00
75	Ghana*	USD1.211	RM5.09
76	Togo	USD1.222	RM5.13
77	South Africa*	USD1.226	RM5.15
78	Canada*	USD1.234	RM5.18
79	Zambia*	USD1.237	RM5.20
80	Dom. Rep.*	USD1.238	RM5.20
81	Benin*	USD1.249	RM5.25
82	Jamaica*	USD1.251	RM5.25
83	South Korea*	USD1.261	RM5.30
84	Aruba*	USD1.270	RM5.33
85	Turkey*	USD1.282	RM5.38
86	Rwanda*	USD1.286	RM5.40
87	Cuba	USD1.295	RM5.44
88	Saint Lucia*	USD1.302	RM5.47
89	Mozambique*	USD1.308	RM5.49
90	Costa Rica*	USD1.314	RM5.52
91	Chile*	USD1.314	RM5.52
92	Laos*	USD1.322	RM5.55
93	Dominica	USD1.328	RM5.58
94	Nicaragua*	USD1.335	RM5.61
95	Mauritius*	USD1.344	RM5.64
96	Mongolia	USD1.353	RM5.68
97	Thailand*	USD1.353	RM5.68
98	Burundi	USD1.360	RM5.71
99	Cape Verde*	USD1.380	RM5.80
100	Guinea	USD1.383	RM5.81
101	Sierra Leone*	USD1.387	RM5.83
102	Armenia	USD1.388	RM5.83
103	Mali	USD1.393	RM5.85
104	Mexico*	USD1.396	RM5.86
105	Moldova*	USD1.407	RM5.91
106	Morocco	USD1.414	RM5.94
107	Kenya*	USD1.417	RM5.95
108	Bosnia & Herz.*	USD1.417	RM5.95
109	Seychelles	USD1.418	RM5.96
110	Uganda	USD1.442	RM6.06
111	N. Maced.*	USD1.446	RM6.07
112	Bahamas	USD1.449	RM6.09
113	Cayman Islands*	USD1.451	RM6.09
114	Bulgaria*	USD1.451	RM6.09
115	Malawi*	USD1.457	RM6.12
116	Ukraine*	USD1.464	RM6.15
117	Ivory Coast*	USD1.491	RM6.26
118	Cameroon*	USD1.510	RM6.34
119	Jordan*	USD1.516	RM6.37
120	Burkina Faso*	USD1.527	RM6.41
121	Zimbabwe*	USD1.550	RM6.51
122	Andorra*	USD1.558	RM6.54
123	Malta*	USD1.583	RM6.65
124	New Zealand*	USD1.583	RM6.65
125	Cyprus*	USD1.595	RM6.70
126	Poland*	USD1.611	RM6.77
127	Lithuania*	USD1.645	RM6.91
128	Czech Republic*	USD1.671	RM7.02
129	Montenegro*	USD1.701	RM7.14
130	Sweden*	USD1.714	RM7.20
131	Belize	USD1.721	RM7.23
132	Slovenia*	USD1.731	RM7.27
133	Spain*	USD1.740	RM7.31
134	Croatia*	USD1.744	RM7.32
135	Romania*	USD1.753	RM7.36
136	Luxembourg*	USD1.762	RM7.40
137	Estonia*	USD1.766	RM7.42
138	Hungary*	USD1.773	RM7.45
139	Senegal	USD1.779	RM7.47
140	Austria*	USD1.779	RM7.47
141	Latvia*	USD1.798	RM7.55
142	UK*	USD1.814	RM7.62
143	San Marino	USD1.823	RM7.66
144	Slovakia*	USD1.824	RM7.66
145	Serbia*	USD1.826	RM7.67
146	Wallis and Futuna*	USD1.844	RM7.74
147	Belgium*	USD1.844	RM7.74
148	C. Afr. Rep.	USD1.888	RM7.93
149	Germany*	USD1.956	RM8.22
150	Uruguay*	USD1.961	RM8.24
151	Barbados*	USD1.966	RM8.26
152	Finland*	USD1.985	RM8.34
153	France*	USD1.999	RM8.40
154	Monaco	USD2.002	RM8.41
155	Ireland*	USD2.016	RM8.47
156	Portugal*	USD2.027	RM8.51
157	Italy*	USD2.031	RM8.53
158	Mayotte*	USD2.044	RM8.58
159	Greece*	USD2.076	RM8.72
160	Norway*	USD2.088	RM8.77
161	Albania	USD2.100	RM8.82
162	Singapore*	USD2.133	RM8.96
163	Switzerland*	USD2.142	RM9.00
164	Liechtenstein*	USD2.173	RM9.13
165	Israel*	USD2.215	RM9.30
166	Denmark*	USD2.290	RM9.62
167	Netherlands*	USD2.303	RM9.67
168	Iceland*	USD2.491	RM10.46
169	Hong Kong*	USD3.657	RM15.36

* An asterisk (*) next to a country's name indicates that the nation practises a floating fuel price system.

* The list above does not include Brunei.

The data above was retrieved from GlobalPetrolPrices.com, a platform that tracks fuel prices worldwide.

With RON95 set to drop to RM1.99 per litre, Malaysia is expected to remain within the top 10 cheapest countries globally on the list.

Even at RM2.60 per litre, Malaysia's unsubsidised RON95 would still be the cheapest in Southeast Asia after Brunei, where it costs about RM1.20 per litre.

According to the website, the global average price of gasoline stands at USD1.30 (RM5.46) per litre

Prices vary significantly across countries. Generally, wealthier nations have higher prices, while oil-producing and lower-income countries tend to enjoy cheaper rates. The US is a notable exception, maintaining relatively low prices despite being a developed economy.

These disparities are largely driven by government taxes and subsidies. While all countries purchase petroleum at the same international market rates, domestic policies ultimately shape the final retail price.

In 2023, the Malaysian government spent RM20 billion on the RON95 subsidy, reported The Edge.

Amir said the country is expected to save RM2.5 to RM4 billion under the new subsidy framework.