PUTRAJAYA: The Finance Ministry today announced new pump prices for petroleum-based products effective tomorrow until Jan 25.
RON95 and RON97 will cost six sen more with the former to retail at RM1.98 and the latter at RM2.28 per litre.
Diesel meanwhile will cost 12 sen more at RM2.17 per litre.
“The increase is due to the price of refined petroleum products on the world market, which is showing an upward trend compared with the week before, from US$60 (RM246.88) per barrel to US$63 per barrel for RON95 and from US$68 per barrel to US$72 per barrel for diesel,” said the ministry in a statement today.
The weekly price fixing for petrol products, it said, was done based on the Automatic Pricing Mechanism formula.
Last week, the fuel prices for RON95 and RON97 recorded a drop of one sen and the price of diesel increased by one sen.
Finance Minister Lim Guan Eng was quoted as saying that the government had given its commitment to set the retail prices of petroleum products on a weekly basis to enable consumers to enjoy any price changes fast in line with the decline of petroleum prices on the world market.