PETALING JAYA: Fuel prices for RON95 and RON97 remain unchanged from Jan 26 until Feb 1.
The retail price for RON95 and RON97 remains at RM1.98 per litre and RM2.28 per litre respectively.
However, the price of diesel will increase by one sen to RM2.18 per litre.
The new prices will take effect from 12.01am on Saturday (Jan 26), the Finance Ministry said in a statement on Friday (Jan 25).
The Finance Ministry said that these prices are based on the weekly Automatic Pricing Mechanism (APM) formula for petroleum products in the country.
The increase of diesel follows the global prices of refined products, where price of diesel is at US$73 per barrel, while RON95 is at US$62 per barrel.
"The difference in production cost is much higher for diesel compared with petrol is due to the increase in demand for diesel products, especially from China, as well as the increase in petrol products in the global market," the ministry said.
It said the government will cap retail prices at RM2.20 per litre for RON95 and RM2.18 per litre for diesel even if the global prices were to increase.