Hornbill Unleashed

June 17, 2017

Govt to introduce new formula for fuel retail prices next week

Filed under: Politics — Hornbill Unleashed @ 8:02 AM

The retail prices of petrol and diesel have been on a downward trend lately. — Bernama picA new formula for fixing retail prices of fuels will be announced next week, said Domestic Trade, Cooperatives and Consumerism Minister  Datuk Seri Hamzah Zainuddin.

He said the move was being taken to ensure stability of the domestic oil industry and that the ministry would be holding a meeting with oil industry players next week to discuss the formula in the interest of all parties.

“The people must sympathise with petrol station operators who suffer 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 today.

He added that he would also be asking the government to assist petrol station operators as they have been badly affected by the uncertainty in oil prices.

The retail prices of petrol and diesel have been on a downward trend lately. Since April 1, the retail price of RON95, RON 97 and diesel are set on a weekly basis.

Before that, it was on a monthly basis based on the managed float system.


Source : The Malay Mail Online by Bernama


Advertisements

Leave a Comment »

No comments yet.

RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Blog at WordPress.com.

%d bloggers like this: