US Naval Blockade of Iran Drives Global Fuel Price Hikes
The governments of Malaysia and India raised fuel prices and export duties following a US naval blockade of Iranian ports that destabilized global oil markets.
Geopolitical tensions in West Asia have triggered global oil market volatility after Donald Trump reimposed a naval blockade on all Iranian ports. These actions, along with renewed US attacks on Iran and security threats to the Strait of Hormuz, pushed Brent crude prices to approximately $85 per barrel.
In response, the Ministry of Finance of Malaysia increased retail prices for unsubsidised fuels for the period of July 16 to 22, 2026. Unsubsidised RON95 petrol rose by five sen to RM3.42 per litre, and unsubsidised diesel increased by 10 sen to RM4.07 per litre. The ministry urged citizens to limit unnecessary travel to protect national fuel reserves and reduce subsidy spending.
Simultaneously, the Government of India revised its windfall taxes on fuel exports effective July 16. The government raised the export duty on diesel from Rs 8.5 to Rs 15.5 per litre and increased the levy on aviation turbine fuel from Rs 7.5 to Rs 14.5 per litre, while slightly reducing the petrol export duty to Rs 2.5 per litre.
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