Weekly fuel price announcements stay

By THE STAR | 20 June 2017


PUTRAJAYA: The ceiling prices for petrol and diesel will continue to be announced every week, said Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hamzah Zainudin.

However, he said the new formula to determine the fuel prices aimed at stabilising the national oil industry was still being studied.

Hamzah said he had met with oil industry players to discuss the formula to ensure that it would not be a disadvantage to any party.

"There are people who want the announcement to be made from weekly to monthly. No, the system that we have right now will remain," he told a press conference after the ministry's monthly assembly here today.

Last Friday, he said a new formula to fix fuel prices would be announced to prevent petrol station operators from suffering losses if prices continue to fall under the current method.

Hamzah said the Government wanted a win-win formula for all parties, including consumers who would also be affected if petrol station operators went bankrupt.

"Currently, the average distance of a petrol station from another is about 25km, so if one shuts down, it will be difficult for consumers who will need to go far to refuel," he said.

There are 3,500 petrol stations operating nationwide.

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