Stick to new weekly pric­ing, says min­is­ter

New Straits Times - - News -

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

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