Stick to new weekly pricing, says minister
KLANG: Oil companies and petrol station operators who fail to comply with the price of petrol and diesel set weekly, beginning today will face stern action under the Price Control and Anti-Profiteering Act 2011.
Domestic Trade, Cooperatives and Consumerism Minister Datuk Hamzah Zainuddin said companies which did not comply could be fined a maximum of RM500,000, while for individuals, they faced a maximum fine of RM100,000 or three years’ jail upon conviction.
“The announcement on the price of petrol and diesel will be made on TV1 at 8pm tomorrow (today), and the act is there to ensure that oil companies and petrol station operators comply accordingly. If they raise the prices (of petrol or diesel) to more than that set by the government, we will take action,” he said here yesterday after closing a leadership seminar for cooperative affairs officers.
Present were the ministry’s secretary-general Datuk Seri Jamil Salleh, Cooperatives Commission of Malaysia executive chairman and Angkatan Koperasi Kebangsaan Malaysia Bhd president Datuk Abdul Fattah Abdullah.
According to Hamzah, through several series of discussions held with oil companies and petrol station operators, they had agreed to improve on the oil pricing mechanism.
Last week, Hamzah announced that the price of petrol and diesel would be set weekly, on Wednesdays, and the prices would be implemented after midnight.
Previously, the monthly setting of fuel prices was executed through a managed float system using the Automated Price Mechanism that had been utilised since 1983. The monthly system began in December 2014. Bernama
Datuk Hamzah Zainuddin