The government will be setting aside RM3 billion to ensure the prices of RON 95 and diesel are fixed for the rest of the year.

In a statement, Finance Minister Lim Guan Eng said RON95 retail price will be fixed at RM2.20 per litre, while diesel will be RM2.18 per litre.

"Meanwhile, the RON97 price will be floated on a weekly basis. The government has priced it at RM2.66 per litre from today until June 13, 2018."

"The federal government will subsidise 33 sen per litre for all retail purchases of RON95 and diesel for this week.

Without the subsidy, the price of RON95 and diesel would rise to RM2.53 and 2.51 per litre respectively," Lim said.

Meanwhile, he added that global crude oil prices have reached US$76 (RM302) per barrel, while refined petrol and diesel products are currently priced between US$87 (RM345.78) and US$88 (RM349.76) per barrel.