PETALING JAYA: Petrol prices are up by 10 sen per litre, while the price of diesel is the same for the week starting Saturday (Feb 23).
In a statement on Friday (Feb 22), the Ministry of Finance (MOF) said the prices of both RON95 and RON97 petrol would increase by 10 sen, while diesel prices were maintained.
With the increase in petrol prices, RON95 will now retail at RM2.08 per litre, RON97 (RM2.38) and diesel (RM2.18).
The Ministry of Finance said the new prices would take effect from 12.01am on Saturday (Feb 23) until March 1.
MOF said that the price increase for RON95 was caused by an average increase in the refined product in the global market, which went up from US$63.11 (RM257) per barrel last week to US$66.91 (RM272) per barrel this week.
MOF said that for diesel, the average cost of the refined product went up from US$74.38 (RM303) per barrel to US$79.11 (RM322) per barrel, and that diesel should cost RM2.33 per litre.
They added that to protect consumers from increases in fuel prices, RON95 petrol would be capped at RM2.20 per litre and diesel at RM2.18 per litre, through the implementation of subsidies.
The weekly fuel pricing mechanism was reintroduced on Jan 5 under the new Automatic Pricing Mechanism (APM).
Under the APM, weekly fuel prices are announced every Friday and will remain in force for one week.