BATU KURAU (Perak): Domestic Trade, Cooperatives and Consumerism Minister, Datuk Seri Hamzah Zainuddin said a new formula to fix fuel prices will be announced next week.
The new formula to fix oil price is aimed to stabilize the oil industry. He added that the ministry would be holding a meeting with oil industry players next week to discuss the formula.
“We sympathize with the petrol station operators who suffered losses when oil prices drop. They (petrol station operators) feel they are the victims (when prices drop),” he told reporters after attending a Ramadan function here Friday.
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 retail prices of petrol and diesel have been on a downward trend lately. The Petrol Dealers Association of Malaysia (PDAM) described the weekly price adjustments as “unhealthy,” and the cause of several station closures since its implementation.
Since April 1, the retail prices of RON95, RON 97 and diesel are set on a weekly basis which in on monthly basis before.