The price for a litre of RON97 petrol beginning tomorrow will be RM4, up 62 percent from around the same time last year.
RON95 and diesel will remain unchanged at RM2.05 and RM2.15 respectively.
Last week, Finance Minister Tengku Zafrul Abdul Aziz said the actual average cost of RON95 petrol for March was estimated at RM3.70 per litre and that the government was subsidising as much as 45 percent.
He said the government estimates that RM28 billion will be spent on fuel subsidies - up from RM11 billion in 2021 - if oil prices don't fall below US$100 (RM420) per barrel.
Therefore, a targeted subsidy scheme will be implemented in the future.
Since 2018, the price of RON95 and diesel was fixed while the price of RON97 - usually used for high-performance vehicles - was priced using a managed float system.
Brent Crude prices averaged at US$70.68 per barrel. However, prices surged close to US$130 after Russia invaded Ukraine in late February.
Russia produces about 12 percent of the world's crude oil. At the time of writing, Brent Crude is at US$102 per barrel. - Mkini
source: tradingeconomics.com
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