New petrol pricing mechanism
Published on: Friday, April 28, 2017
Kota Kinabalu: The Federal Government will formulate a new pricing mechanism for petrol prices if the influencing international oil price increases to a stage where Malaysians can no longer afford the retail price. The assurance comes from Domestic Trade, Co-operatives and Consumerism Minister Datuk Seri Hamzah Zainudin, who said the Government will not allow the existing pricing mechanism to become a burden to Malaysians. "If the world fuel market price increases, the Federal Government will not just leave it at that but identify a formula to ensure Malaysians will not be troubled.
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"We won't be able to make known the formula now as it has not come to a stage where the international fuel prices had skyrocketed," he said. Hamzah was met after giving his address before various district representatives on current consumerism issues affecting the country. Since March 29, the Federal Government had opted to make weekly petrol price announcements from the monthly scheme and had seen prices of RON 95 for example increase to RM2.27 with the period ending April 26 from RM2.13 early in the month. Although prices had gone down on Thursday until early May, the fluctuation of fuel prices had been held by many as the reason for increasing prices of goods.
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Towards this end, Hamzah said the government will continue to ensure that prices will hover at a comfortable rate for consumers. Stay up-to-date by following Daily Express’s Telegram channel.
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Hamzah said for example for Hari Raya, the Ministry will extend the Festive Season Price Control Scheme, saying that instead of the usual 10-day period, the scheme would begin even before the fasting month begins. - Jason Santos
