PETALING JAYA: The fuel price of RON97 petrol will decrease by 10sen per litre, while RON95 petrol and diesel prices remain the same for the week, starting Saturday (May11).
The Finance Ministry said the price of RON97 would decrease from RM2.80 per litre to RM2.70 per litre.
Meanwhile, RON95 petrol and diesel prices stay the same at RM2.08 per litre and RM2.18 per litre, respectively.
The ministry said the new RON97 petrol prices would take effect from 12.01am on Saturday (May11), until May 17.
It is noted that under the Automatic Pricing Mechanism (APM) formula, RON95 and diesel should have been set at by RM2.40 per litre and RM2.45 per litre respectively.
"However, the prices of RON95 and diesel for the period are capped at RM2.08 and RM2.18 per litre respectively, following a Cabinet decision to stabilise the prices and to reduce the people's financial burden," it said in a statement on Friday (May 10).
It added that the government need to spend an estimated RM103.76mil between May 11 and May 17 to subsidise both RON95 and diesel.
The weekly fuel pricing mechanism was reintroduced on Jan 5 under the APM.
Under this system, weekly fuel prices are announced every Friday and remain in force for one week.