Govt yet to decide whether to revise fuel price mechanism

KUALA LUMPUR: The government has yet to decide whether to revise the fuel price mechanism from the weekly to the daily basis, Second Finance Datuk Johari Abdul Ghani said.
He said the revision of the formula proposed by Trade, Cooperatives and Consumerism Minister Datuk Seri Hamzah Zainuddin required more time and a comprehensive study.
"Let's give the ministry (Trade, Cooperatives and Consumerism Ministry) a bit more time to study how the weekly price mechanism could be changed.
"If it is implemented on a daily basis, it requires a thorough preparation and oil companies need to be prepared," he told reporters after attending an Aidilfitri open house hosted by the Kampung Baru Development Corporation here today
Johari said the weekly price adjustment would continue for the time being until a better formula is determined for the benefit of all parties, including the people, as well as oil companies and dealers.
"So far, the weekly price mechanism looks okay, everyone can benefit. At the end of the day, the government does not want to take money from consumers," he said adding that when oil prices dropped, consumers must benefit from it and likewise, they have to absorb the effect of price hike. — Bernama