Fuel prices are up by 10 sen per litre , though the price of diesel is the same for the week starting Saturday ( Feb 23 ) .
In an announcement on Friday ( Feb 22 ) , the Ministry of Finance ( MOF ) stated the rates of both RON95 and RON97 petrol would increase by 10 sen , while diesel prices were kept up .
“The rise in the retail price of RON95 petrol is driven by the factor of the average increase in the cost of refined products in the world market compared to the previous week, from US$63.11 per barrel to US$66.91 per barrel,” the statement said
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.Under the APM, weekly fuel prices are announced every Friday and will remain in force for one week.