At the stroke of midnight, petrol prices will reach a record high since the new weekly managed-float system was introduced in March.

According to the Domestic Trade, Co-operatives and Consumerism Ministry, RON95 will go up by seven sen to RM2.38 per litre, while RON97 will go up by six sen to RM2.66 per litre.

Meanwhile, the price of diesel will go up by five sen to RM2.25 per litre, also hitting a new high under the weekly float system.

The last highest diesel price was on April 20, at RM2.21.

This is the second time that fuel prices have peaked since last Thursday. Fuel prices have gone up for five consecutive weeks.

It is determined by global oil prices based on the Mean of Platts Singapore (MOPS) and the ringgit's strength against the US dollar.

However, Treasury secretary-general Irwan Serigar Abdullah had said the government still provided some subsidies to avoid a huge swing in prices.