Government still exploring best method to set fuel prices, possibility of it being announced on daily basis

Government still exploring best method to set fuel prices, possibility of it being announced on daily basis

There will be no change to the current system of announcing fuel prices on a weekly basis until the government finds a better way of setting the retail price of fuel in a manner that will satisfy both consumers and petrol station operators, theSun reports.

According to domestic trade, co-operatives and consumerism (KPDNKK) minister Datuk Seri Hamzah Zainuddin, there will be no return to a monthly system. He said that he had been engaging with the Finance Ministry as well as stakeholders in the industry on the matter, and added that the search for a holistic solution that will satisfy everyone will continue.

He explained that the government is looking to find a method that will allow it to liberalise the industry to satisfy all parties, and this could also bring about prices being set on a daily basis, though he did not elaborate on the mechanics of this and how it would come about.

The weekly swing in retail prices of fuel has reportedly been causing headaches to petrol station operators, with many of them saying the losses will eventually cause them to give up the business. The latest fuel price announcement last Wednesday saw a fifth straight week of price decreases, with RON 95 going for RM1.89 per litre, RON 97 for RM2.15 and Euro 2M diesel for RM1.84.

Hamzah said that while public feedback he had received recently was positive, with many happy with the recent drop in petrol prices, the same could not be said about petrol station operators, who said they were stressed and anxious on Wednesdays when new prices were annnounced.

“There must be a win-win situation between oil companies, petrol station operators and the people,” he said.

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Anthony Lim

Anthony Lim believes that nothing is better than a good smoke and a car with character, with good handling aspects being top of the prize heap. Having spent more than a decade and a half with an English tabloid daily never being able to grasp the meaning of brevity or being succinct, he wags his tail furiously at the idea of waffling - in greater detail - about cars and all their intrinsic peculiarities here.

 

Comments

  • Ditra on Jul 04, 2017 at 7:50 pm

    hapus je lah subidi tu dah selesai masaalah

    Like or Dislike: Thumb up 39 Thumb down 7
  • Bah! Just price it at 10sen/L like Venezuela then everybody hepi for a whiles b4 country lingkup. Cuz thats what they other side promised to do.

    Like or Dislike: Thumb up 64 Thumb down 64
  • drMpower on Jul 04, 2017 at 8:00 pm

    Hamzah, this shows that u never have any concrete plan on this fuel pricing mechanism. It just you did it for politics. Now that the petrol station owners are getting angry u want to somehow help them. What a load of rubbish. Which means u didnt foresee the whole situation before u go on with this weekly pricing thing.

    U could have use some brain to do this thing u know. Reading helps too.

    Well-loved. Like or Dislike: Thumb up 83 Thumb down 4
    • bmpower on Jul 04, 2017 at 9:11 pm

      Reading? Lupa & lazy, berpisah tiada.

      Like or Dislike: Thumb up 6 Thumb down 1
    • Albert on Jul 04, 2017 at 10:31 pm

      Just a month of losses,cannot tahan already.Close shop.
      It shows the QUALITY of these dudes.
      When prices r high for donkey years,they never save for rainy days.They spend,spend,spend….enjoy.
      In business,there R RISKS,UP AND DOWN SCENARIOS.
      Now, a NEW SOCALLED FORMULA has to be dispatched at lightning speed to SAVE them from collapsing.
      So,a mini bailout is coming to PDAM.
      We dont rejoice at people losing money but we marvel how they never learn to conserve cash when times r better.

      Like or Dislike: Thumb up 20 Thumb down 0
      • drMpower on Jul 05, 2017 at 4:44 pm

        spot on albert
        normal for business ups and downs
        cannot like that want ups all the time
        like this better be jigolo. thats win all the time

        Like or Dislike: Thumb up 0 Thumb down 0
    • 12yrsold on Jul 05, 2017 at 8:30 am

      Ha ha ha, that’s a good one especially “use some brain”

      Like or Dislike: Thumb up 2 Thumb down 1
    • Ah Kow on Jul 05, 2017 at 9:59 am

      Since when Msia Gomen got proper planning? If they do, Wawasan 2020 will be achievable. Are we even anywhere near Wawasan 2020?

      Like or Dislike: Thumb up 3 Thumb down 0
  • Even if you change to hourly revision, the price will drop if it is meant to drop. Please try to use your brain a bit.

    Well-loved. Like or Dislike: Thumb up 60 Thumb down 3
  • Silthice on Jul 04, 2017 at 8:17 pm

    Why don’t just charge to the oil companies only when the consumer fill in not when the tanker filled in the petrol ⛽ station reservoir…

    Like or Dislike: Thumb up 26 Thumb down 0
    • Oil company scared got syndicate siphon oil out from the station underground tank without going thru the system.. lolx

      Like or Dislike: Thumb up 1 Thumb down 1
  • Stevie on Jul 04, 2017 at 8:17 pm

    Allow price war. Let consumers decide which one offers the best. Right now whatever the retail price is, government will get the blame. So, market liberalization is the way.

    Well-loved. Like or Dislike: Thumb up 68 Thumb down 2
  • Theresa July on Jul 04, 2017 at 8:46 pm

    I’m still waiting which petrol station that had kolos shop but until today…. Well, maybe just in my dream.

    Like or Dislike: Thumb up 19 Thumb down 3
    • Apparently, it started with caltex ones…

      Like or Dislike: Thumb up 2 Thumb down 6
      • everest on Jul 05, 2017 at 9:28 am

        I thought Caltex is because termination of contract? No?

        Like or Dislike: Thumb up 0 Thumb down 0
        • When theres tersurat, theres oso tersirat thats longer than tersurat.

          Like or Dislike: Thumb up 0 Thumb down 4
          • everest on Jul 05, 2017 at 5:39 pm

            Still don’t quite get what you try to say………..

            Like or Dislike: Thumb up 1 Thumb down 1
    • Henry on Jul 05, 2017 at 8:54 am

      Don’t be happy when businesses close shop. It means the country’s economy is bad.

      If you are working class you may lose your job. If you are in business you will suffer a decline as well. And maybe it is so bad you also have to close shop like them.

      So, be careful what you wish for.

      Like or Dislike: Thumb up 9 Thumb down 1
  • BambangPamungkas on Jul 04, 2017 at 9:40 pm

    Hapuskan subsidy minyak tapi cukai kereta juga patut dihapuskan. Now that Proton is no longer our unwanted child, what reason has the govn to tax buyers so high when it comes to buying cars???

    Like or Dislike: Thumb up 12 Thumb down 0
  • Even better if they did it live like stock market. Right when you filling up, the price changes every seconds, variable x cents per ml per second.
    /sarcasm

    Like or Dislike: Thumb up 1 Thumb down 0
  • david kam on Jul 04, 2017 at 10:26 pm

    Another classic example of thing goes south rapidly whenever muds take charge and make decisions.

    Like or Dislike: Thumb up 3 Thumb down 1
  • ae101 on Jul 05, 2017 at 12:10 am

    Follow market rate already using by so many countries. Really cant brain why petrol operator complaint about it unless all their untung has taken by gomen.

    Like or Dislike: Thumb up 1 Thumb down 1
    • Brent on Jul 05, 2017 at 1:41 pm

      Either that or the operator just want to enjoy maximum profit and they’re not happy with the decreasing fuel price…

      Like or Dislike: Thumb up 0 Thumb down 0
  • AhKeong on Jul 05, 2017 at 7:53 am

    Just leave it monthly la like last time

    Like or Dislike: Thumb up 5 Thumb down 2
  • alyy8128 on Jul 05, 2017 at 8:20 am

    Just open up your “secret formula” then we know what should be the “real” petrol price to be.

    Like or Dislike: Thumb up 9 Thumb down 0
  • Stargazer on Jul 05, 2017 at 8:27 am

    Lepaih ni,, harga kangkong pon kita buat weekly gak. Baru fair and square. Semua harga weekly.

    Like or Dislike: Thumb up 4 Thumb down 2
  • xoxox on Jul 05, 2017 at 8:35 am

    if daily basis, then make it ceiling price instead of retail price

    Like or Dislike: Thumb up 1 Thumb down 0
  • zariffrayhan on Jul 05, 2017 at 8:40 am

    I think the best way is open market, let the operator decide the price and let the user choose which station give the best price. Government just announce the world market price. Consumer power is the best..

    Like or Dislike: Thumb up 8 Thumb down 1
    • Brent on Jul 05, 2017 at 1:38 pm

      True but won’t the operator fixed the price if it comes to that? For all we know if the price is RM1.90, they all could just set it higher.

      Like or Dislike: Thumb up 0 Thumb down 0
  • thepolygonal on Jul 05, 2017 at 8:52 am

    We are so lucky to have a government working so hard for us to come out with a formula for fuel prices even when we sleep they still exploring the best method to satisfy us all we must be thankful for this hard working ministers which is the pride of the nation and wait… which country is this?

    Like or Dislike: Thumb up 9 Thumb down 1
  • arowana on Jul 05, 2017 at 9:35 am

    other countries with or without O&G export dont have such problem, only our country has such problem on how to set price… seems like kinda noob government

    Like or Dislike: Thumb up 2 Thumb down 0
  • applegreen on Jul 05, 2017 at 9:41 am

    This problem happens when global oil price sliding down. If global oil rise up for 4-5 weeks I dont think goverment would like to explore new fuel price mechanism.

    Like or Dislike: Thumb up 0 Thumb down 0
  • C. P. MOHAN on Jul 05, 2017 at 10:07 am

    My 2 cents, have a ceiling fuel price at RM1.97 per litre and a ‘price band of +- 7 cents around this ceiling price’ if the world crude oil price falls outside this band then review the ceiling price.

    Like or Dislike: Thumb up 0 Thumb down 0
  • liberato on Jul 05, 2017 at 10:33 am

    #usesomebrain #lupaandlazy #hamzahlubuatapa

    Like or Dislike: Thumb up 0 Thumb down 0
  • If price changes daily then it will lessen the burden of fuel operator having to simpan minyak from a week ago price. Price will be more flexible by having it changes daily.

    Like or Dislike: Thumb up 0 Thumb down 0
  • Our gov has never failed in making jokes and entertaining the world…

    Like or Dislike: Thumb up 2 Thumb down 0
  • passion on Jul 05, 2017 at 12:03 pm

    never ending story. what the heck is going on?

    Like or Dislike: Thumb up 0 Thumb down 0
  • Phillip Tan on Jul 05, 2017 at 3:10 pm

    All these are nonsense!!!

    Current weekly petrol prices was said to be based on the following formula:

    RM X (MOPS) + RM 0.3173

    Where RM0.3173 being the fixed cost consisting of:
    1) Means Of Platts Singapore (MOPS): Fluctuates (RM X)

    2) Alpha (Premium) : RM0.05
    3) Operation Costs (Transport & Marketing) : RM0.10
    4) Oil Companies’s Margin : RM0.05
    5) Petrol Station Dealer’s Margin : RM0.12

    2~5 Alpha + Operation + Margin = RM0.32

    Therefore the price of RON95 = RM X + RM0.32

    In this instance, the Petrol Station Dealer’s Margin had been fixed at RM0.12 per liter.

    They are just complaining that the margin is too low and that consumers should pay more to subside for their bungalows and super cars.

    Malaysians had already paid the petrol premiums via excessive amount of money when purchasing cars in the form of taxes to the government on the first place.

    In this instance, whilst our petrol price may look cheap compared to other countries that practices zero petrol subsidy system, but their cars are very much cheaper than ours.

    In other words, Malaysians had already paid for the “petrol premiums” the moment he/she commits to buy a car at a higher price.

    Now this joker is telling us bullshit stories? Thought they said they wanted to reduce the car prices before this????

    Like or Dislike: Thumb up 4 Thumb down 1
  • xoxox on Jul 05, 2017 at 3:12 pm

    i think this case may close silently when gov increase the margin silently since no one know the actual calculation method for this fuel price

    Like or Dislike: Thumb up 1 Thumb down 0
  • When Naik, u org tak kesah pasal consumer.

    Now Turun sikit, bising giler stesen minyak tu.. if cannot cope, then sell off the business.. many people want to take over..

    Like or Dislike: Thumb up 8 Thumb down 0
  • Hmm... Much Hmm... on Jul 06, 2017 at 11:53 pm

    Have we been living in a cave? Research around the world has been proving universal-basic income + removal of subsidies is the best way to subsidise the poor and tax the rich’s. It’s also the proven way to lift the poor families into the middle income range by giving them Options.

    Do that then the petrol prices doesn’t need complex regular monitoring but a maximum annual ceiling price because the poor are already subsidised. Let social media do their part by reporting those which overprice their products.

    Like or Dislike: Thumb up 0 Thumb down 0
 

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