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An SME authority has spoken out against the recent proposal by the Malaysian Petrol Dealers Association to have fuel prices revised on a weekly basis. Michael Kang, the national president of the Small and Medium Enterprise (SME) Association of Malaysia rejected the idea, calling for the government to maintain its current monthly revisions instead.

According to The Star, Kang said that should weekly fuel price revisions be implemented, “SMEs will need to start monitoring the global oil price to do their budget forecast if the cost of fuel is one of the major components in their operational costs.”

Kang agreed, however, that should fuel prices remain stable or keep going down like it has for January 2016, the proposed system could benefit SMEs. But should prices suddenly be increased, it will burden them. The SME association’s president said that, “it’s good if the oil prices keep going down, but bad if the oil prices increase suddenly as it will be out of control for SMEs in terms of cost,”

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Datuk Low Kian Chuan, secretary-general of the Association Chinese Chambers of Commerce and Industry of Malaysia shared Kang’s sentiments, but added that, “businesses know how to adjust to it, most know how to do the forecast. Normally, oil prices only change between three and five percent.”

He continued, “only if the price fluctuates more than 10% will it affect businesses.” Stating that the manufacturing industry has already adapted to buying oil at different prices every day according the market rate, Chuan believes that it would be better for Malaysians to also adopt daily fuel price revisions.

How would you feel about weekly or even daily fuel price revisions? Share your views with us in the comments section below.