The retail price for RON95 and RON97 petrol will go up by 20 sen per litre respectively, effective February 2017, several petrol retailers told Malaysiakini.

This means RON95 petrol will cost RM2.30 per litre while RON97 petrol will cost RM2.60 per litre.

As for diesel, the retail price will increase by 10 sen to RM2.15.

The new fuel prices will bring prices to the highest level since January last year.

The government determines the prices of fuel through a managed float system.

It takes into account several factors, including the global price of crude oil and the country’s currency strength in the previous month.

The price of Brent Crude Oil has steadily increased after the Organisation of the Petroleum Exporting Countries (Opec) struck a deal to cut output in order to curb oversupply and stabilise oil prices last year.

The deal also involved non-Opec members including Malaysia, with Petronas pledging to scale down oil production beginning next year.

Meanwhile, the Malaysian ringgit continued to weaken, falling to the lowest level since the Asian financial crisis in 1998.