The government has announced that fuel prices will be maintained for the fifth consecutive week, despite increasing regional fuel prices.

According to the Domestic Trade, Cooperatives and Consumerism Ministry RON95, RON97, and diesel will retail at RM2.20, RM2.47, and RM2.18 per litre respectively.

The prices have remained the same since March 22.

The weekly fuel price system was implemented on March 30 last year and is calculated based on regional benchmark prices provided by Means of Platts Singapore (Mops).

Under the government’s Automatic Pricing Mechanism (APM), the final retail price accounts for the exchange rate between the ringgit and US dollar, refineries’ sale prices, operating expenditure, and profit margin for oil companies and petrol dealers, in addition to the Mops benchmark.

According to Mops data provided by the Australian Institute of Petroleum’s (AIP) weekly price reports, the benchmark for RON95 has been increasing steadily over the past few weeks.

However, the government appears to be subsidising the difference by maintaining fuel prices.

The freeze in fuel prices comes amid the 14th general election, which will take place on May 9.