The method of determining weekly fuel retail prices is based on several formulas and takes into account global market prices as well as the Ringgit’s position, and there is no element of fraud in it, according to the domestic trade, cooperatives and consumerism ministry (KPDNKK).
Its minister, Datuk Seri Hamzah Zainudin, said the ministry has never hidden any information about the determination of weekly petrol and diesel retail prices because the same method was used at an international level, Bernama reports.
“The weekly oil price changes are based on global market prices. If global oil prices drop today, we don’t necessarily lower the prices tomorrow because the calculation method in determining the retail prices in our country is based on the average (world) prices for a week,” he explained.
“In addition, we also need to look at our currency at the time the deal (oil purchase) was made. If (the currency is low), then we have to buy at a higher price and vice-versa,” he added.
“Believe me, there is no fraud in determining the petrol and diesel prices. In fact, we don’t hide the real information as the (retail) prices were set for the interest of the people. The government will ensure that whatever programme being implemented will benefit the people,” he said.
Hamzah made these comments following a news piece, which reported that the continued increase of petrol price thrice this month – despite the downtrend in global crude oil prices – had raised eyebrows among the public.
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PDAM dealers untung sakan so no problem
You believe in a government who can’t even get the Indonesian flag and Brunei flag right?
Explain how they can untung sakan when they have to buy new load at new/increased price but same margin (11sen/litre) ? I’m trying to understand.
How can dealers untung sakan when they have to buy new load/ stock at new prices but same 11¢ / margin? Please explain.
Go up, mesti bash.
Unchange, lagi bash.
Go down, kaw kaw bash.
Gip free, bash count OVER 9000!
Irrelevan komen.
Malaysians can afford it, RM3 also no problemo.
RM3 also no problemo. Malaysians can afford it.
ignore the dumb comment. Caveman comment
Ludah ke langit nampak.
Sos : https://paultan.org/2017/06/08/govt-to-draw-up-plans-to-ease-petrol-dealers-burden/
Believe him. There is no fraud. Why would he lie? The government of Malaysia would never lie to it’s people. It’s all in the best interest of the people. The people must be thankful to get such an honest and generous government like the one we have now.
Heard this a million times. What a joke. Hahaha.
Ohsem KPDNKK *clapclap
Show us the formula then..
Deswaii dis kind pipu how to belips 1..
Formula? What and where got formula?
IT is up to whims and fancies of those guys.
Our ringgit has stabilised last 2 weeks,and world oil prices have dipped….so how in the world can petrol price go up?
All our top Maths professors oso shake their heads in disbelief.
In other words,we might as well forget about the wednesday price review.What goes up ,very difficult to come down.
As a sweeetener,it may come down by 2 sen/litre even tho international prices escalate,towards Merdeka.
Not just formula, show working and sources for variables chosen ie MYR at specific date and time, oil price 1 week breakdown.
They have a formula that Einstein can’t even understand. Only those with Dumno PHD holders can understand.
then where is the promised price formula that you have promised to provide huh….!!!!!!
pray to God to get rid of uncompetitive pple from govt n take over by sincere,honest n educated pple
You know what they say when people start a sentence with the words ” Believe me,..”
Tak payah byk ckp. Kalau YB ada formula, tunjukkan saja pd rakyat several formulas YB yg canggih itu. Nanti rakyat boleh kira sendiri dan diam. Dulu pun rakyat percaya kedai KR1M murah, tp tengok apa sudah jadi? So, just disclose ur formulas to the public and make us silence.
Betui…Nothing 2 hide #konon konon
I agree with someone here who said the price of fuels Ron-95 will be down B4 Hari Raya but will increase after Raya. Looks at the price of fuel at :-
29/6/17 – Turun 2 sen
6/7/17 – Turun 4 sen
13/7/17 – Naik 4 sen
27/7/17 – Naik 6 sen
3/8/17 – Naik 4 sen
10/8/17 – Naik 5 sen
17/8/17 – Naik 3 sen
Conclusion – Turun 2 kali = 6 sen tapi Naik 5 kali = 22 sen. The statistic speaks volume of KPDNKK. How I wish to borrow Mr Trump phrase – You are FIRED.
Why not just reveal the formula…
Ok..tq tuan minister…was onli 3 cents plus another 3 plus another 2 3 wats the fuss bout..
Where is the formula, scared to reveal?
If I believed you, I wouldn’t raise the issue. Why can’t the government show us the formula? Trust me…you don’t trust me meh?
Unbelievable spokesman statements! Weekly fuel retail prices based on secretive formulas, and there is no element of fraud in it? Stop broadcasting fake news to public!
Please raise your hand if you’re expecting them to say “Yes, there’s fraud and we admit it”
I’m quite intrigued by the admission that they have ‘several formulas’to determine the weekly fuel prices. What is the logic of having so many formulas? So, I wonder if they will pick the formula that will benefit themselves more or the rakyat more? Maybe Election time, pick Formula A, then after election Formula B, Ringgit up Formula C, Ringgit down Formula D etc.
So, it is a complicated formula, which will never able to be understand by the general public!
Malaysian shall only happy enjoy the price rise since we have no control on it!
Sound like “The King New Cloth”!
Public is not at the level of “IQ” to understand how the oil price is determine!
Bla bla bla… 2×5
“Believe me, there is no fraud”. now, where have i heard this line before? From government perhaps
So the summary is:
1. Prices are based on global market prices on a weekly average price.
2. Also depend on currency at time of deal (oil purchase)
This clearly shows that they have two choices to choose from but who will determine which or if they are averaged?
If the oil was bought cheap this week (stroger RM) but the market price is higher next weeek, fuel prices go up?
Or if this week RM is weak but market price go down next week, fuel prices still go up next week?
This literally means the RM must be strong every week and market prices stays low in order for us to see the fuel prices go down…
Not fair right?
Formula ? Rakyat kira sendiri lah.
The oil came from our own country, from our own land. Why do we need to purchase? When we sell our oil to other countries then only we need the currency fluctuations.Other oil-producing countries like Iran, Saudi Arabia ( US$0.24/litre ) and Venezuela ( US$0.01/ litre ) sell petrol to their citizen cheaply.
Please do share the formula and variables used in determination of the prices. We can be the judge of your calculations
You better pray that you still hold the power after the next election, or we will strip you naked from top to bottom, to see whether your skin is real or fake.
when KPDNKK say no fraud, u must believe. when say RM2.6 bil is from donation, u must believe. what for gov want to lie? they have been ruling malaysia since 1957 and they have more experience than anyone else. what they say you must believe even if they tell you that the sky is not blue but green. you must believe and it’s called trust.
“the ministry has never hidden any information about the determination of weekly petrol”..huh…everybody know u hide the formula la.
Then please show us your formula. There is no specific formula but I guess based on what the ruling party want it to be to the benefit of a few up there. And probably they can formulate a formula if they wanted to. A formula that covers taking into account everything that they do or rather didn’t do
the “formula” is more secretive than Coca-cola.
i think what they trying to say is they got 10 over formula to calculate the price.
so if this week formula A means lower price, but formula B means higher price, so they say is due to formula B..^^
ta daa!!! this guy is genius, dont play play
“The government will ensure that whatever programme being implemented will benefit the people”
with all the taxes this and taxes that, your so call programme never benefit any of Malaysia Citizens…. other than yoll
“In addition, we also need to look at our currency at the time the deal (oil purchase) was made. If (the currency is low), then we have to buy at a higher price and vice-versa,”
why buy? we aren’t the crude oil provider?
yes we are but still buy.
we all should be grateful to current price mechanism…really fair to rakyat and government.thank you government.