Fuel price system to stay

> Weekly arrangement to remain while govt explores other options

KUALA LUMPUR: Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hamzah Zainuddin has said the weekly fuel price arrangement will remain while the government looks for a better way to set prices.

He said any arrangement adopted must satisfy consumers and petrol station operators.

“We will not go back to the monthly system. We are seeking a method that will allow us to liberalise (the industry) to satisfy all parties,” he told reporters after attending the 2017 Intellectual Property Corporation of Malaysia (MyIPO) Aidilfitri event at the Putra World Trade Centre yesterday.

He said liberalising the industry could also mean setting prices on a daily basis. However, he did not elaborate.

The weekly swing in fuel prices had reportedly caused problem for petrol station operators, with many considering ceasing operations due to losses incurred.

The latest fuel prices announced last Wednesday saw a decrease for the fifth consecutive week, with the retail price of RON95 set at RM1.89 per litre, RON 97 at RM2.15 and diesel at RM1.84.

Hamzah said he had been engaging with the Finance Ministry as well as stakeholders in the industry to find an ideal formula to set fuel prices.

“There must be a win-win situation between oil companies, petrol station operators and the people.”

He said public feedback in the past few days was positive, and many were happy with the decrease in fuel prices, especially during the festive season.

However, petrol station operators had called for a discussion with the ministry as they claim to be suffering immense losses.

“They told me they get anxious every Wednesday (when new fuel prices were announced).”

At the Aidilfitri event, Hamzah presented “duit Raya” from MyIPO to 40 orphans from Rumah Amal Budi Bestari.