Fuel prices down in first use of weekly pricing mechanism

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PETALING JAYA: Prices of fuel will go down by up to 19 sen per litre on Thursday, the first time the weekly pricing mechanism is being used.

The price of RON 95 petrol will go down by 17 sen to RM2.13 per litre from RM2.30 previously, while RON 97 petrol is 19 sen less at RM2.41 per litre from RM2.60 previously.

The price of diesel is down by nine sen to RM2.11 per litre from RM2.20 before.

This was confirmed by Petron petrol dealer Datuk Alang Zari Ishak.

 The new prices will come into effect on Thursday and will remain in effect until April 5.

Earlier this month, Domestic Trade, Co-operatives and Consumerism Minister Datuk Seri Hamzah Zainudin announced that a new weekly fuel pricing mechanism would be used from April onwards.

Hamzah said the weekly mechanism would allow consumers to enjoy a more stable retail fuel price in comparison to the former monthly price.

The prices of petrol and diesel had been placed on a managed monthly float system since Dec 1, 2014, following the removal of fuel subsidies.

With the new weekly mechanism, fuel prices will be announced every Wednesday and the new prices enforced after midnight.

Hamzah also said that petrol station operators would be allowed to run promotions and give discounts on fuel prices, provided they obtain prior permission from the ministry.

He said the ministry had had several consultations with oil companies, station operators, non-governmental organisations and other relevant parties before coming up with the change in the pricing mechanism.-STAR

 

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