SHAH ALAM, Feb 14 — Fuel prices will be going up across the board starting Saturday.
The price of both RON97 and RON95 petrol will go up by two sen from RM2.34 per litre to RM2.36 per litre, and from RM2.04 per litre to RM2.06 per litre respectively between Saturday and February 21.
Meanwhile, the price of diesel will go up by six sen from RM2.08 per litre to RM2.14 per litre during the same period.
The Finance Ministry said based on the calculation under the Automatic Pricing Mechanism (APM), the retail prices for both RON95 and diesel is still below the set prices of RM2.08 per litre for RON95 and RM2.18 per litre for diesel.
The ministry in a statement today said that both RON95 and diesel prices were increased to their respective prices, in line with the government’s decision to stabilise petroleum prices and to protect the well-being of the people.
“However, if global prices increase, the retail prices for both RON95 and diesel will not surpass the price of RM2.08 per litre and RM2.18 per litre respectively through subsidies to protect the users from the impact of price inflation,” it said.
This week’s update did not come with the estimated subsidy borne by the government.
The weekly fuel pricing mechanism was reintroduced on January 5 last year under the APM.
Under this system, fuel prices are announced every Friday and remain in force for one week.