It’s Friday, which means it’s fuel price update time. No third time lucky, and this will be a third week of increases in pump prices. But while it went up one sen last week, it’s 10 sen this week.

From tomorrow, February 23, RON 95 will be priced at RM2.08 per litre (up 10 sen from RM1.98 last week), while RON 97 will go for RM2.38 per litre (also up 10 sen from RM2.28 last week). As for Euro 2M diesel, it continues to be priced at RM2.18 per litre, while Euro 5 diesel, which is always 10 sen more than standard diesel, remains at RM2.28 per litre.

The finance ministry says that this week’s increase is brought about by the increase in average costs of the refined product in the global market – from last week’s US$63.11 to US$66.91 a barrel.

For diesel, the average refined product cost jumped from US$74.38 to US$79.11 per barrel, an even bigger increase than that of petrol. The ministry says that the actual pump price of diesel would be RM2.33 per litre, but for the ceiling price of RM2.18 set by the government. The ceiling price for RON 95 is RM2.20 per litre.

These prices will be in effect until March 1, when the next set of fuel price adjustments will be announced. This is the eighth week of the weekly fuel price format, which is set to be announced every Friday. The prices will be effective from Saturday until the following Friday.