The retail price of RON95 and RON97 fuel will go up by 10 sen to RM2.08 per litre and RM2.38 per litre respectively effective midnight.

The price is for the period of Feb 23 to March 1.

Meanwhile, the price of diesel will remain unchanged at RM2.18 per litre, as it has hit the ceiling price set by the government.

In a statement today, the Finance Ministry said the actual market price of diesel should be RM2.33, after a drastic increase in the average cost of refined products for diesel to US$79.11 from US$74.38 in the preceding week.

"However, in line with the government's promise to stabilise the retail price of diesel if it the market price exceeds the ceiling... therefore the retail price of diesel for the period of Feb 23 to March 1 is maintained at RM2.18 per litre," it said.

As for the new retail price of RON95, it is still 12 sen shy of the ceiling price of RM2.20 per litre.

Likewise, the Finance Ministry said the price hike for RON95 was due to an increase in the average cost of refined oil products on the global market.

It said the average price of crude oil is at US$66.91 compared to the preceding week at US$63.11.

Since January, fuel prices are determined on a weekly basis based on the automatic pricing mechanism, similar to that implemented by the previous BN government.

However, a key difference is the imposition of a ceiling to curb runaway retail prices, in the event of a major spike in global prices.