The government has reiterated that it will not move away from the managed float system that determines the retail pricing of fuel in the country. According to the domestic trade, cooperatives and consumerism ministry (KPDNKK), any change in the existing fuel pricing mechanism – in which petrol and diesel prices are adjusted weekly – could inconvenience the people, Bernama reports.
Its minister, Datuk Seri Hamzah Zainudin, said this was due to the fact that the weekly pricing mechanism established by the government had been gradually accepted by the people. He added that although prices were fluctuating between seven and eight sen a week, the people understood and were willing to adapt to the changes.
“The price fluctuation mechanism is according to the world market price and once the people understand that, we should be thankful with what the government is doing for the well-being of the people,” he told reporters at an event.
Forty-nine weekly fuel price announcements have been made since the system began at the end of March 2017. The current pricing of RON 95 petrol for the week March 1-7 is RM2.20 per litre, while RON 97 is at RM2.47 per litre, and Euro 2M diesel is at RM2.18 per litre. Current pricing is 10 sen lower (from RM2.30 per litre) for RON 95, 13 sen lower (from RM2.60) for RON 97 and two sen lower (from RM2.20 per litre) for Euro 2M compared to that at the start of the programme.