Editor's Note: Bernama had originally cited Treasury secretary-general Irwan Serigar Abdullah for its article. This has since been amended to cite Deputy Prime Minister Ahmad Zahid Hamidi.

As fuel prices continue to climb, the government is mulling the possibility of raising the amount of subsidies.

Deputy Prime Minister Ahmad Zahid Hamidi said the matter will be discussed at the National Economic Council tomorrow.

"We are studying it (raising subsidies)," Zahid was quoted as saying by Bernama.

Last Thursday, fuel prices reached a record high since the new weekly managed-float system was introduced in March.

RON95 went up by seven sen to RM2.38 per litre, while RON97 rose six sen to RM2.66 per litre.

Meanwhile, diesel was up five sen to RM2.25 per litre.

This was the second time that fuel prices have peaked since last Thursday. Fuel prices have gone up for five consecutive weeks.

It is determined by global oil prices based on the Mean of Platts Singapore (MOPS) and the ringgit's strength against the US dollar.

Treasury secretary-general Irwan Serigar Abdullah previously revealed that the government still provided some subsidies to avoid a huge swing in prices.