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Weekly retail fuel prices remains as ministry studies new mechanism to aid petrol station operators

PUTRAJAYA: The Domestic Trade, Cooperatives and Consumerism Ministry is studying a new mechanism to ease the burden of petrol station operators who are affected by the uncertainty in oil prices.

Its minister Datuk Seri Hamzah Zainuddin said the ministry has met with the oil industry players to discuss the method to help petrol station operators.

“We discussed in terms of the little margin they earned due to the drop in oil price.

“When the oil prices decrease, these petrol station operators suffer big losses and some were forced to end its operation. So we are still looking at what we can do to help the industry to tackle this issue,” he told reporters after attending the ministry’s monthly assembly, today.

He said the retail prices of RON95, RON97 and diesel will still remain on a weekly basis.

Hazmah said the people should also sympathise with petrol station operators.

“We need to be fair and think of both consumers and oil industry players. While we are concerned with the consumers who have to deal with high cost of living, we also have to consider the industry players. When the petrol stations suffer losses, then they have to cease operations.

“We are worried that more petrol stations will be closed because of this problem, which will later affect the consumers too,” he said.

When asked how many petrol stations have been closed so far, Hamzah said he has yet to receive the details.

On Friday, Hamzah had said the ministry would set a new formula for fixing retail prices of fuels.

He said the move was being taken to ensure stability of the domestic oil industry and that the ministry would be holding a meeting with oil industry players to discuss the formula in the interest of all parties.

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