KUALA LUMPUR (Feb 15): The retail prices for both RON95 and RON97 in Malaysia will be raised by 1 sen a litre for the week of Feb 16-22, as the prices of refined petroleum products in the global markets have risen compared to a week ago, coupled with a stronger ringgit versus the US dollar, the Ministry of Finance said today.

As such, RON95 will retail at RM1.98 per litre, compared with RM1.97 previously, while RON97 will retail at RM2.28 per litre, compared with RM2.27 previously.

However, the retail price of diesel will remain at RM2.18 a litre because the federal government has promised to stabilise the price of diesel at RM2.18 a litre, the ministry said in a statement.

The ministry said the prices of refined petroleum products in the global markets have risen to US$63 (RM257.33) per barrel from US$62 a week ago for RON95, and from US$73 to US$74 per barrel for diesel.

"This increase in global market prices has caused the rise in retail prices for petrol products and diesel. Nevertheless, the retail price of RON95 is still below the price stabilisation level that was promised by the government of RM2.20 a litre," the ministry said.

As for diesel, the rise in global prices should have pushed the retail price here up to RM2.20 a litre, based on the weekly automatic pricing mechanism, if not for the stabilisation of the price by the government at RM2.18 a litre. — theedgemarkets.com

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