The domestic trade, co-operatives and consumerism ministry (KPDNKK) is still in discussions with the ministry of finance (MoF) on how to improve the current method of setting weekly petrol and diesel retail prices, Bernama reports.

Speaking at the Dewan Rakyat earlier today, its minister Datuk Seri Hamzah Zainuddin said the ministries were discussing the issue following feedback gained from meetings with various stakeholders such as oil companies and petrol station operators.

“The ministry and the MoF are still considering all factors before implementing a new strategy,” he said in response to a question from the floor. He said that the implementation of the new pricing strategy will need to take into account the interests of all parties, including consumers’ ability to pay.

On the subject of petrol station operators lamenting that they had suffered losses following the introduction of a weekly pricing schedule, Hamzah said the government had taken initiatives to ensure acceptable losses. Among them were encouraging operators to provide convenience stores at the stations to help generate additional income as well as running promotional programmes to attract customers.

He added that with the rise in global oil prices over the past few weeks, it is hoped that petrol station operators will not incur further losses until the new strategy comes into effect.