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).
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AI-generated Summary ✨
Comments express frustration over the new fuel pricing formula, highlighting concerns that it benefits petrol station owners at the expense of consumers, leading to anticipated price hikes and inefficiencies. Many believe the system favors cronies and foreigners, with calls for opening the market to all Malaysians. There’s criticism of government policies, subsidies, and protectionism, alongside skepticism about transparency and fairness in fuel price adjustments, reflecting widespread dissatisfaction with how fuel prices are managed and the negative impact on rakyat.