Kuala Lumpur: The retail price of RON95 will remain unchanged at RM2.05 per litre, while the price of RON97 is set to increase by five sen, moving from RM3.38 to RM3.43 per litre for the week of January 23 to 29. The Ministry of Finance (MOF) announced these changes in a recent statement.

According to BERNAMA News Agency, the MOF indicated that the retail price of diesel in Sabah, Sarawak, and Labuan would stay at RM2.15 per litre. However, in Peninsular Malaysia, diesel prices will see a five-sen hike, increasing from RM3.08 to RM3.13 per litre during the same period.

The statement from the MOF explained that the adjustments in fuel prices align with the rise in global oil prices. The government has set the retail price of RON97 at RM3.43 per litre and diesel in Peninsular Malaysia at RM3.13 per litre. Despite the increase, the diesel price in Peninsular Malaysia remains lower than the floated price of RM3.35 per litre, which was established on June 10, 2024.

The MOF noted that these prices are determined based on the weekly retail prices of petroleum products, utilizing the Automatic Pricing Mechanism formula. The government is committed to monitoring market trends and will adjust the retail prices of RON97 and diesel in response to global oil market changes while striving to maintain price stability.

The statement further mentioned that the government will keep a close watch on global crude oil price trends and take necessary actions to ensure the continued welfare and well-being of the public.