New formula for petrol prices soon, says Hamzah

Hamzah-Zainudin-minyak-petrol-pamKUALA LUMPUR: The domestic trade, cooperatives and consumerism ministry will soon announce a new formula for petrol pump prices in the country.

Its minister, Hamzah Zainudin, said the ministry had already discussed the matter with petrol kiosk operators.

“Although we have basically agreed on a formula, we still need to look at the trend in fuel prices.

“The formula must be acceptable to the people.

“We have discussed the matter and I will issue an announcement soon,” he told reporters at a Hari Raya gathering hosted by Bank Kerjasama Rakyat here today.

As of Dec 1, 2014, petrol and diesel prices were fixed on a monthly float system following the removal of fuel subsidies.

However, the government introduced a weekly fuel pricing mechanism in April 2017 to reflect the movement in global crude oil prices.

The ministry announces new petrol and diesel prices every Wednesday, which take effect after midnight.