The Ministry of Domestic Trade, Cooperatives and Consumerism (KPDNKK) will soon introduce a new formula for mechanism used in determining weekly fuel prices.

Its minister Data’ Seri Hamzah Zainuddin said KPDNKK is in discussion with the Finance Ministry as well as petrol station operators to come up with a win-win solution.

“With the price of fuel constantly going down these past few weeks, petrol station operators are under pressure, so I am discussing with Finance Minister II Datuk Seri Johari Abdul Ghani as well as the operators.

“By next week, we should be able to come up with a solution that would benefit everyone involved,” he said.

He added that the ministry will ensure the method will help the people as well as prove that the industry can be liberalised, and in future possibly have petrol and diesel prices determined daily.

The weekly fuel price announcement by the government first started on May 29, and announcements made every Wednesday with prices coming into effect after midnight.

The ministry said this mechanism enables users to enjoy more stable retail prices compared to monthly fuel price announcements.

Currently, fuel prices are at RM1.89 for RON95, RM2.15 for RON97 and RM1.84 for diesel.



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