PETALING JAYA: Fuel prices have bucked the downward trend of late and will rise across the board from May 16 to 22.
The Finance Ministry said that RON97 petrol will be priced at RM1.61 per litre, up by six sen from RM1.55.
The price of RON95 and diesel will increase by six sen and five sen respectively.
RON95 petrol will be priced at to RM1.31 per litre, up from RM1.25 per litre; while diesel will be priced at RM1.45 per litre, up from RM1.40 per litre previously.
Fuel prices had gone down drastically in the past few months due to the oversupply of crude oil in the market.
The Ministry said that the higher fuel prices were due to the increase in refined product prices in line with the rise in global crude oil prices.
“The government will continue to monitor the impact of the global crude oil price change and take appropriate measures to ensure the welfare and wellbeing of the people," the ministry said in a statement Friday (May 15).
The weekly fuel pricing mechanism was reintroduced on Jan 5, 2019 under the Automatic Pricing Mechanism (APM).
Under this system, fuel prices are announced every Friday and remain in force for one week.
