PUTRAJAYA: The Petroleum Dealers Association of Malaysia (PDAM) is suggesting for the government to release the retail fuel prices to the association, two days before the weekly fuel prices are announced.
Its president Datuk Khairul Annuar said this is to allow petroleum dealers to bargain for a better price of fuel accordingly with the petroleum producers.
“We got this idea from our Moroccan counterparts during a conference with international petroleum dealers yesterday. We hope we can emulate their method.
“We can accept the system where the retail prices of petroleum and diesel is set every Wednesday. But, we hope we can get the information on the price change two days prior, which is on Monday.
“The price of fuel has gone down three weeks in a row now. This is too much for us to handle. We suffer big losses due to the price drop,” he told the New Straits Times today.
Khairul said PDAM has yet to meet with the Domestic Trade, Cooperatives and Consumerism Ministry to discuss on a new formula to determine retail prices of fuels.
“We have several proposals and we hope the ministry will have an engagement session with us soon,” he said.
Earlier today, Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hamzah Zainuddin was reported as saying that the ministry was looking into a new mechanism to ease the burden of petrol station operators who are affected by the uncertainty of oil prices.
He said the ministry has met with the oil companies to discuss on the best method to help petrol station operators.
Hamzah was reported as saying that 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,” he said.
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.