In a statement, the finance ministry said the price of RON97 will be fixed at RM4.55 per litre from RM3.85 per litre currently.

The price of diesel in West Malaysia will be fixed at RM4.72 per litre, up from RM3.92 per litre.

Subsidised RON95 petrol under the BUDI95 programme will remain at RM1.99 per litre, while diesel in Sabah, Sarawak and Labuan stays at RM2.15 per litre.

The price of non-subsidised RON95 will continue to retail at RM3.27 a litre.

These prices are effective until March 25.

In a statement, the finance ministry said the price hikes for RON97 and diesel were in view of the rise in global oil prices, resulting from the Middle East conflict.

“Although Malaysia is an oil-producing country, petroleum products for domestic use are still obtained through the global market. Therefore, domestic fuel prices are still influenced by global developments,” it said.

However, the ministry said it maintained the price of RON95 to protect the people from the impact of the price hikes, especially ahead of the Aidilfitri festivities with many Malaysians returning to their hometowns.

It said more than 400,000 vehicles in the transport and logistics sectors will also continue to enjoy the relevant targeted subsidy schemes to prevent a sudden increase in costs.

In turn, these measures would support economic stability, the ministry added.

“The government will continue to take a prudent and responsible approach in managing domestic fuel prices following the continuing uncertainty in the global oil market,” it said.