FUEL PRICES TO BE AN­NOUNCED ON WED­NES­DAYS

This is to pre­vent fuel short­ages, says min­is­ter

New Straits Times - - News -

ES­THER LAN­DAU

KUALA LUMPUR es­therthomaslan­dau@nst.com.my

MAR­KET fuel prices will be an­nounced ev­ery Wed­nes­day from next week by the Do­mes­tic Trade, Co­op­er­a­tives and Con­sumerism Min­istry.

Its min­is­ter, Datuk Seri Hamzah Zain­ud­din, said the move to re­place the monthly an­nounce­ment was aimed at pre­vent­ing fuel short­ages dur­ing the week­ends.

Hamzah said since 2014, the ceil­ing prices of diesel and petrol were an­nounced on the last day of the month.

It was im­ple­mented on a man­aged float sys­tem by us­ing the Au­to­matic Pric­ing Mech­a­nism (APM), which was set in 1983.

The gov­ern­ment hoped to pre­vent short­age of sup­ply and man­power at kiosks as the monthly an­nounce­ment method had trig­gered panic buy­ing.

Hamzah said the de­ci­sion was made af­ter dis­cus­sions were held with oil com­pa­nies and other stake­hold­ers.

He said this af­ter an­nounc­ing the new mech­a­nism on a live tele­cast at Ra­dio Tele­vi­sion Malaysia, Angkas­a­puri here yes­ter­day.

The dis­cus­sion, he said, was also made through the task­force com­mit­tee in­volv­ing the Fi­nance Min­istry and stake­hold­ers.

He said the min­istry would mon­i­tor the mech­a­nism for a year, to an­a­lyse whether it was ac­cept­able among con­sumers or not.

“We will mon­i­tor how well it is ac­cepted in the mar­ket within 12 months.

“We will also an­a­lyse from time to time whether a new method should be ap­plied af­ter that one year,” he said.

How­ever, he added, those who wished to of­fer dis­counts from the fixed prices could do so by get­ting ap­proval from the min­istry.

BY GHAZALI KORI PIC

Peo­ple watch­ing Do­mes­tic Trade, Co­op­er­a­tives and Con­sumerism Min­is­ter Datuk Seri Hamzah Zain­ud­din ex­plain­ing the new fuel price an­nounce­ment method in Kuala Tereng­ganu yes­ter­day.

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