17 Jun '17, 9am

New formula to determine fuel prices out next week

The domestic trade, co-operatives and consumerism ministry (KPDNKK) will meet with oil industry players to discuss a new formula to determine fuel prices next week. In a report by Bernama , its minister Datuk Seri Hamzah Zainuddin said the move was to maintain stability in the domestic oil industry. “The people must sympathise with petrol station operators who suffer losses when oil prices drop. They (fuel retailers) feel they are the victims (when prices drop),” he explained, adding that the ministry would ask the government to assist fuel retailers that have been badly affected by the deviation in oil prices. Recently, the Petrol Dealers Association of Malaysia (PDAM) described the weekly price adjustments as “unhealthy,” and the cause of several station closures since its implementation . At the time, the ministry responded by urging station operators to look for other ...

Full article: https://paultan.org/2017/06/17/new-formula-to-determine-f...

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