PETALING JAYA: The fuel prices of RON97 will increase by 14 sen per litre while RON95 and diesel will remain the same for the following week.
The Finance Ministry said the price of RON97 will increase from RM2.53 to RM2.67 per litre beginning Saturday (Sept 21) until Sept 27.
However, the prices of RON95 and diesel stay at RM2.08 per litre and RM2.18 per litre respectively.
"Based on the calculation under the Automatic Pricing Mechanism (APM), the retail prices for both RON95 and diesel should be increased to RM2.37 per litre and RM2.32 per litre respectively," it said a statement Friday (Sept 20).
The ministry noted that the retail prices for both RON95 and diesel were at RM2.23 per litre and RM2.29 litres respectively last week.
"The increase in oil prices is believed to be caused by the attacks on the two oil facilities in Saudi Arabia on Sept 14, which has affected the production and exports of oil from the country.
"However, in line with Prime Minister Tun Dr Mahathir Mohamad's statement on Sept 15, the government will continue subsidising to balance the rise in oil prices due to the incident," it said.
The Ministry also noted that the estimated subsidy borne by the Government between Sept 21 and Sept 27 is about RM123.16mil.
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.