KUALA LUMPUR, April 9 -- The Ministry of Finance (MOF) said Malaysia's pump fuel prices have not declined as they are determined based on the previous week's average prices, not current levels, despite a drop in global crude oil prices.

In an infographic posted on its X account, the ministry said existing supply was procured at higher prices and continues to influence pump prices.

"Global oil prices have surged over the past five weeks, raising costs including logistics and insurance.

"Current prices still reflect earlier high supply costs, at around US$150 per barrel for petrol and US$250 per barrel for diesel," the MOF said.

Earlier, the MOF said in a statement that the subsidised RON95 price under the BUDI95 programme remains at RM...