Hamzah: Govt is looking for a better way to set petrol price

KUALA LUMPUR: Datuk Seri Hamzah Zainuddin has said the current weekly retail fuel price arrangement will remain while the government looks for a better way of setting the retail price.
Domestic Trade, Cooperatives and Consumerism Minister said whatever arrangement is reached must satisfy consumers and petrol station operators.
"We will not go back to the monthly system. We are looking for a holistic solution which will satisfy everyone.
"We are seeking for a method that will allow us to liberalise (the industry) to satisfy all parties," he told reporters after attending the 2017 Intellectual Property Corporation of Malaysia (MyIPO) Aifilfitri friendly session in Putra World Trade Centre.
He said liberalising the industry could also mean setting prices on a daily basis. However, he did not elaborate further.
The weekly swing in retail fuel prices had reportedly causing headache to petrol station operators, with many of them lamenting of giving up their operations due to the suffered loss.
The latest fuel prices announced last Wednesday saw a decrease in fuel prices for the fifth week in a row, with the retail price of RON95 set at RM1.89 per litre, RON 97 at RM2.15 and diesel at RM1.84.
Hamzah said he had been engaging with the Finance Ministry as well as stakeholders in the industry in finding the correct formula to determine petrol prices.
He added some operators had complained of feeling the pressure when fuel prices decreased continuously for weeks.
"There must be a win-win situation between oil companies, petrol station operators and the people," Hamzah said.
He said public feedback he had received in the past few days was positive, with many were happy with the recent drop in petrol prices especially during the festive season.
The same thing however could not be said on petrol station operators, Hamzah said, adding that many of them had called for a discussion to be held with the ministry.
"They had told me that they were facing a bit of a stressful problem and getting anxious on Wednesday (when new fuel prices were announced)," he said.
Earlier during the aidilfitri event, a total of 40 orphans from Rumah Amal Budi Bestari received a cash contribution of RM6,000 from MyIPO, which was handed over by Hamzah.
More than 800 people attended the event, which comprised of staff from MyIPO and other invited guests.