From midnight tonight, RON97 petrol will cost RM2.54 per litre, up eight sen from RM2.46 per litre last week.

Meanwhile, the price of RON95 and diesel will remain unchanged at RM2.08 and RM2.18 per litre, respectively.

According to a statement by the Finance Ministry today, these prices come into effect from March 16 and will remain until March 22.

Putrajaya had reinstated the weekly petrol and diesel price-floating mechanism on Jan 1, using the Automatic Pricing Mechanism (APM) formula.

On Feb 27, the Finance Ministry announced that the cabinet had decided to lower the ceiling price for RON95 from RM2.20 to RM2.08 per litre.

“According to calculations under the APM, the retail prices for RON95 and diesel from March 16 to March 22 should be at RM2.44 and RM2.37 per litre, respectively.

“However, the prices of RON95 and diesel for the above period is maintained at RM2.08 per litre and RM2.18 per litre following the government's decision to restrict the rising prices of petroleum products to reduce the financial burden of the people,” the statement today read.