Minister of Domestic Trade, Cooperatives and Consumerism Datuk Hamzah Zainuddin has confirmed that the ceiling price for fuel will be announced weekly from April onwards.
Updated prices would be published on Monday or Saturday for the week instead of the current monthly announcements. This will enable consumers to know the current prices and to avoid confusion.
Hamzah added, “The government is determining the fuel price to avoid it exceeding the correct market price. In reality, what Second Finance Minister Datuk Seri Johari Abdul Ghani and I are doing, is to ensure the people know what had been determined by the Petroleum Dealers Association of Malaysia.”
“It is up to the petrol station retailers to work with the association and ensure no one is left out of the concept we want to put in place,” he explained
Moreover, a notice regarding the ceiling price for fuel would be placed at all petrol stations throughout the country to inform motorists whether it had been raised or lowered.
UPDATE (23rd March, 10:20pm):
Weekly fuel prices will be announced on a weekly basis instead of monthly starting 29th March.
Hamzah explained that the prices will be made public every Wednesday, with the new prices coming into effect on midnight the following day. The prices will be based on global oil market rates.
Sources: Bernama via The Star, NST, Paultan.
