From 29 March Onwards, New Fuel Prices Will Be Announced Weekly Instead Of Monthly
New fuel prices will be announced every Wednesday and come into effect at midnight.
By Samantha Khor — 23 Mar 2017, 12:53 PM
The Domestic Trade, Co-operatives and Consumer Affairs Ministry (KPDNKK) has confirmed that new fuel prices will now be announced every Wednesday instead of at the end of the month
The weekly system will kick off on 29 March. As mentioned, fixed ceiling prices for petrol and diesel will be announced every Wednesday, with the new price coming into effect on midnight the next day.
According to PaulTan.org, the idea of setting a fuel ceiling price was first suggested in February by second Finance Minister Datuk Seri Johari Abdul Ghani as a way to deal with escalating fuel prices.
The new system, which was initially announced earlier this month, also allows fuel companies to set prices lower than the ceiling prices as long as they have approval from the ministry
“Private companies and petrol station retailers who wish to offer discounts from the fixed prices can do so by getting the approval from the ministry," said Hamzah.
"Station operators are reminded to adhere to the new prices and serious action will be taken against those who do not," he added.
How do you think the new weekly system will fare? Let us know your thoughts in the comments section below.