Business News

Tuesday, 28 March 2017 | MYT 7:17 PM

PetDag to note market response before offering discounted fuel prices

“When the (fuel) prices are fixed on a weekly basis, it will be more reflective of the current market," says Mohd Ibrahimnuddin.

“When the (fuel) prices are fixed on a weekly basis, it will be more reflective of the current market," says Mohd Ibrahimnuddin.

KUALA LUMPUR: Petronas Dagangan Bhd (PetDag) will observe the market’s response to the new fuel ceiling price mechanism before seeking approval from the Government to offer discounted pump prices.

The new mechanism, in which the fuel prices will be announced on a weekly basis instead of monthly, will begin on Wednesday.

PetDag managing director and chief executive officer, Mohd Ibrahimnuddin Mohd Yunus, said the Domestic Trade, Cooperatives and Consumerism Ministry had requested dealers to seek the ministry’s approval before offering lower fuel prices.

“The possibility is there for every dealer to seek approval from the ministry.

“But we have not decided on anything yet because it is still at a very early stage,” he told reporters on the sidelines of the signing of Petronas Kad Mesra Grab, an exclusive loyalty programme between PetDag and Grab Malaysia Sdn Bhd here today.

The ministry had earlier said that the weekly petrol and diesel prices fixed by the Government would be announced every Wednesday and the prices would come into effect after midnight (Thursday).

Meanwhile, Mohd Ibrahimnuddin said that PetDag would fully support the new mechanism.

“When the prices are fixed on a weekly basis, it will be more reflective of the current market. Hopefully, the pricing would not fluctuate much week to week,” he said.

On Tuesday’s event, PetDag and Grab Malaysia signed a long-term strategic partnership on Petronas Kad Mesra Grab.

The collaboration allowed thousands of Grab drivers to enjoy fuel savings, coupled with lubricant deals, Kedai Mesra promotions, as well as special reward points for all purchases at Petronas stations nationwide. - Bernama

Tags / Keywords: Corporate News , Oil & Gas , Petronas Dagangan Bhd

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