New Formula For Petrol Prices Soon, Says Minister

KUALA LUMPUR, July 11 (Bernama) -- The Ministry of Domestic Trade, Cooperative and Consumerism will soon announce a new formula for petrol pump prices in the country. Its Minister, Hamzah Zainudin, said the ministry had already 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. "We have discussed the matter and I will issue an announcement soon," he told reporters at a Hari Raya gathering hosted by Bank Kerjasama Rakyat here Tuesday. Since Dec 1, 2014, petrol and diesel prices were fixed on a monthly float system 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. -- BERNAMA