FUEL PRICES TO BE ANNOUNCED ON WEDNESDAYS
This is to prevent fuel shortages, says minister
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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.
People watching Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hamzah Zainuddin explaining the new fuel price announcement method in Kuala Terengganu yesterday.