The government has apparently decided on the mechanism for fuel prices and this will be announced tomorrow, January 4, The Star reports. According to domestic trade and consumer affairs minister Datuk Seri Saifuddin Nasution Ismail, the announcement which will be made through the official government channel.

“The cabinet met yesterday (January 2) to discuss the matter, and it reached a decision. It will be announced tomorrow,” he said. He was tight-lipped on the form of mechanism that had been decided on by the cabinet, but revealed that the decision has taken into account the interests of all stakeholders.

Last month, finance minister Lim Guan Eng had stated that fuel prices, including for RON 95 petrol, were set to be floated and determined on a weekly basis from January 1, 2019. It was then announced that it had been put on hold following opposition from the Petroleum Dealers Association of Malaysia (PDAM), and as such retail prices of fuel remaining unchanged for the first week of January.

Yesterday, petrol dealers had met with prime minister Tun Dr Mahathir Mohamad to voice their concerns over the weekly float system. A proposal was also presented for consideration to ensure they would not suffer losses when the new system comes into effect.