Friday 29 Mar 2024
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KUALA LUMPUR (July 11) The Domestic Trade, Cooperative and Consumerism Ministry will soon announce a new formula for petrol pump prices in the country, Bernama reported today.

Minister Datuk Seri Hamzah Zainudin said the ministry has discussed the matter with petrol kiosk operators recently.

"Although we have basically agreed on a formula, we still need to look at the trend in fuel prices. The formula must be acceptable to the people," he said in the Bernama report.

"We have discussed the matter and I will issue an announcement soon," Datuk Seri Hamzah added.

Bernama reported that petrol and diesel prices have been fixed on a monthly float system since Dec 1, 2014, following the removal of fuel subsidies. However, the government introduced the weekly fuel pricing mechanism in April 2017, to reflect the timely movement in global crude oil prices.

The ministry announces new petrol and diesel prices every Wednesday, which takes effect after midnight.

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