PETALING JAYA: The fuel price of RON97 will increase by eight sen per litre while RON95 and diesel prices remain the same for the week starting Saturday (May 25).
The Finance Ministry said the price of RON97 would increase from RM2.68 per litre to RM2.76 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 (May 25) until May 31.
It is noted that under the Automatic Pricing Mechanism (APM) formula, RON95 and diesel should have been increased to RM2.46 per litre and RM2.52 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 24).
It added that the government needs to spend an estimated RM126.52mil between May 25 and May 31 to subsidise both RON95 and diesel prices.
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.