No fraud in weekly fuel pricing system – KPDNKK

No fraud in weekly fuel pricing system – KPDNKK

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.

No fraud in weekly fuel pricing system – KPDNKK

“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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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

  • PDAM dealers untung sakan so no problem

    Like or Dislike: Thumb up 21 Thumb down 1
    • Albert Yong on Aug 21, 2017 at 5:59 pm

      You believe in a government who can’t even get the Indonesian flag and Brunei flag right?

      Like or Dislike: Thumb up 2 Thumb down 0
    • Redidiot on Aug 22, 2017 at 8:22 am

      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.

      Like or Dislike: Thumb up 0 Thumb down 0
    • Redidiot on Aug 22, 2017 at 5:36 pm

      How can dealers untung sakan when they have to buy new load/ stock at new prices but same 11¢ / margin? Please explain.

      Like or Dislike: Thumb up 0 Thumb down 0
  • Go up, mesti bash.
    Unchange, lagi bash.
    Go down, kaw kaw bash.
    Gip free, bash count OVER 9000!

    Like or Dislike: Thumb up 3 Thumb down 84
  • Ludah ke langit nampak.

    Sos : https://paultan.org/2017/06/08/govt-to-draw-up-plans-to-ease-petrol-dealers-burden/

    Like or Dislike: Thumb up 21 Thumb down 1
  • I_Love_My_PM on Aug 21, 2017 at 11:28 am

    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.

    Well-loved. Like or Dislike: Thumb up 83 Thumb down 3
  • Piupiupiu on Aug 21, 2017 at 11:40 am

    Show us the formula then..

    Well-loved. Like or Dislike: Thumb up 62 Thumb down 2
    • Deswaii dis kind pipu how to belips 1..

      Like or Dislike: Thumb up 12 Thumb down 1
    • YB Albert on Aug 21, 2017 at 2:36 pm

      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.

      Like or Dislike: Thumb up 24 Thumb down 2
    • HalfwayTransparency on Aug 21, 2017 at 7:41 pm

      Not just formula, show working and sources for variables chosen ie MYR at specific date and time, oil price 1 week breakdown.

      Like or Dislike: Thumb up 0 Thumb down 0
    • They have a formula that Einstein can’t even understand. Only those with Dumno PHD holders can understand.

      Like or Dislike: Thumb up 0 Thumb down 0
  • pondan2 on Aug 21, 2017 at 11:41 am

    then where is the promised price formula that you have promised to provide huh….!!!!!!

    Like or Dislike: Thumb up 31 Thumb down 2
  • lulla singh on Aug 21, 2017 at 11:43 am

    pray to God to get rid of uncompetitive pple from govt n take over by sincere,honest n educated pple

    Like or Dislike: Thumb up 35 Thumb down 1
  • You know what they say when people start a sentence with the words ” Believe me,..”

    Like or Dislike: Thumb up 37 Thumb down 1
  • KenJi on Aug 21, 2017 at 11:56 am

    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.

    Like or Dislike: Thumb up 49 Thumb down 2
  • 12yrsold on Aug 21, 2017 at 11:57 am

    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.

    Well-loved. Like or Dislike: Thumb up 63 Thumb down 2
  • Matchy on Aug 21, 2017 at 11:57 am

    Why not just reveal the formula…

    Like or Dislike: Thumb up 32 Thumb down 1
  • HAPPY WENESDAY on Aug 21, 2017 at 12:01 pm

    Ok..tq tuan minister…was onli 3 cents plus another 3 plus another 2 3 wats the fuss bout..

    Like or Dislike: Thumb up 6 Thumb down 1
  • rchoo on Aug 21, 2017 at 12:18 pm

    Where is the formula, scared to reveal?

    Like or Dislike: Thumb up 27 Thumb down 1
  • Anonymous on Aug 21, 2017 at 12:29 pm

    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?

    Like or Dislike: Thumb up 30 Thumb down 1
  • Borneo Darul Seram on Aug 21, 2017 at 1:03 pm

    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!

    Like or Dislike: Thumb up 42 Thumb down 1
  • kereta_lembu on Aug 21, 2017 at 1:12 pm

    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.

    Like or Dislike: Thumb up 16 Thumb down 1
  • Vincent on Aug 21, 2017 at 1:13 pm

    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!

    Like or Dislike: Thumb up 10 Thumb down 1
  • proton oh proton on Aug 21, 2017 at 1:13 pm

    Bla bla bla… 2×5

    Like or Dislike: Thumb up 6 Thumb down 1
  • Noah Thiruchelvan on Aug 21, 2017 at 1:15 pm

    “Believe me, there is no fraud”. now, where have i heard this line before? From government perhaps

    Like or Dislike: Thumb up 15 Thumb down 1
  • Mr. Octopus on Aug 21, 2017 at 2:40 pm

    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?

    Like or Dislike: Thumb up 5 Thumb down 1
  • Rural voter on Aug 21, 2017 at 3:38 pm

    Formula ? Rakyat kira sendiri lah.

    Like or Dislike: Thumb up 8 Thumb down 0
  • horrayooi on Aug 21, 2017 at 3:42 pm

    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.

    Like or Dislike: Thumb up 13 Thumb down 0
  • Please do share the formula and variables used in determination of the prices. We can be the judge of your calculations

    Like or Dislike: Thumb up 10 Thumb down 0
  • TopsyBoXyTurvy on Aug 21, 2017 at 5:46 pm

    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.

    Like or Dislike: Thumb up 0 Thumb down 0
  • Ben Yap on Aug 21, 2017 at 6:02 pm

    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.

    Like or Dislike: Thumb up 0 Thumb down 0
  • ministry has never hidden any information on Aug 21, 2017 at 6:30 pm

    “the ministry has never hidden any information about the determination of weekly petrol”..huh…everybody know u hide the formula la.

    Like or Dislike: Thumb up 0 Thumb down 0
  • Farah edmund on Aug 22, 2017 at 1:56 am

    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

    Like or Dislike: Thumb up 0 Thumb down 0
  • the “formula” is more secretive than Coca-cola.

    Like or Dislike: Thumb up 0 Thumb down 0
  • 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

    Like or Dislike: Thumb up 0 Thumb down 0
  • sabahan on Aug 22, 2017 at 3:37 pm

    “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

    Like or Dislike: Thumb up 1 Thumb down 0
  • mr.lame on Aug 22, 2017 at 4:01 pm

    “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.

    Like or Dislike: Thumb up 1 Thumb down 0
  • carlover on Aug 23, 2017 at 10:28 am

    we all should be grateful to current price mechanism…really fair to rakyat and government.thank you government.

    Like or Dislike: Thumb up 0 Thumb down 1
 

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