Starting midnight tonight, RON97 petrol will cost RM2.61 per litre, up seven sen from RM2.54 per litre last week.

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

According to a statement from the Finance Ministry today, these prices come into effect on March 23 and will remain in force until to March 29.

Putrajaya had reinstated the weekly petrol and diesel price floating mechanism with effect from 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 23 to March 29 should be at RM2.31 and RM2.38 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,” read the statement today.