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Government Still Exploring Best Method To Set Fuel Prices, Possibility Of It Being Announced On Daily Basis

07/05/2017

There will be no change to the current system of announcing fuel prices on a weekly basis until the government finds a better way of setting the retail price of fuel in a manner that will satisfy both consumers and petrol station operators, theSun reports.

According to domestic trade, co-operatives and consumerism (KPDNKK) minister Datuk Seri Hamzah Zainuddin, there will be no return to a monthly system. He said that he had been engaging with the Finance Ministry as well as stakeholders in the industry on the matter, and added that the search for a holistic solution that will satisfy everyone will continue.

He explained that the government is looking to find a method that will allow it to liberalise the industry to satisfy all parties, and this could also bring about prices being set on a daily basis, though he did not elaborate on the mechanics of this and how it would come about.

The weekly swing in retail prices of fuel has reportedly been causing headaches to petrol station operators, with many of them saying the losses will eventually cause them to give up the business. The latest fuel price announcement last Wednesday saw a fifth straight week of price decreases, with RON 95 going for RM1.89 per litre, RON 97 for RM2.15 and Euro 2M diesel for RM1.84.

Hamzah said that while public feedback he had received recently was positive, with many happy with the recent drop in petrol prices, the same could not be said about petrol station operators, who said they were stressed and anxious on Wednesdays when new prices were annnounced.

“There must be a win-win situation between oil companies, petrol station operators and the people,” he said. – paultan.org

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