PETALING JAYA: Petrol and diesel prices will go up by 25 sen litre from March 1, the Domestic Trade, Cooperatives and Consumerism Ministry announced in a statement Saturday.
RON95 petrol will be priced RM1.95 (up from RM1.70), RON97 petrol at RM2.25 (up from RM2) and diesel at RM1.95 (up from RM1.70).
This follows the Ministry's decision to set the market prices of RON95 petrol and diesel on a managed float, starting from Dec 1 last year.
In the statement, Minister Datuk Seri Hasan Malek said prices were determined based on the average cost price of the product during February 2015 and currency exchange rates.
"The Government will monitor the development of the market price of the products' costs and currency exchange rates every time to set the retail price of petrol and diesel for the following months," said Hasan.
The Minister reminded all oil companies and petrol station operators to comply with the new pricing.
"Stern action will be taken against those who violate the rules relating to the new prices set by the Government," he added.