The domestic trade, co-operatives and consumerism ministry (KPDNKK) will meet with oil industry players to discuss a new formula to determine fuel prices next week. In a report by Bernama, its minister Datuk Seri Hamzah Zainuddin said the move was to maintain stability in the domestic oil industry.

“The people must sympathise with petrol station operators who suffer losses when oil prices drop. They (fuel retailers) feel they are the victims (when prices drop),” he explained, adding that the ministry would ask the government to assist fuel retailers that have been badly affected by the deviation in oil prices.

Recently, the Petrol Dealers Association of Malaysia (PDAM) described the weekly price adjustments as “unhealthy,” and the cause of several station closures since its implementation. At the time, the ministry responded by urging station operators to look for other sources of income to complement the sale of fuels, in order to generate a larger profit.

Fuel prices have been on a decline since the first week of June 2017, with RON 95 petrol now being priced at RM1.98 per litre from RM2.10 per litre during the June 1-7 period. Meanwhile, RON 97 petrol is currently sold at RM2.24 per litre from RM2.38 during the aforementioned period (June 1-7).