KUALA LUMPUR, March 12 -- Amid a global energy crunch triggered by the escalating conflict in Iran, the Ministry of Finance has announced a sharp increase in fuel prices for Peninsular Malaysia.

However, the government has reiterated that the BUDI95 targeted subsidy at RM1.99 per litre despite the unprecedented market volatility.

Effective from today to March 18, retail prices for unsubsidised petrol and diesel will see significant adjustments.

RON97 will rise by 60 sen to RM3.85 per litre, while unsubsidised RON95 will also see a 60 sen jump to RM3.27 per litre.

The steepest hike affects diesel in Peninsular Malaysia, which will increase by 80 sen to RM3.92 per litre.

Meanwhile, diesel prices in Sabah, Sarawak, and Labuan will be ma...