KUALA LUMPUR: The weekly fuel price mechanism will not have any impact on Petronas Dagangan Bhd
’s (PetDag) earnings.
Chairman Mohamad Arif Mahmood said that the weekly system worked exactly like the previous monthly mechanism, which fuel ceiling price announced over a period of time.
“It is not a new mechanism that is going to give us more money,” he told reporters after the company’s annual general meeting on Wednesday.
Mohamad Arif said under the weekly pricing, the retail prices would be based on weekly average of world price of crude oil.
“It is still under the same manage float system. Just that this has a shorter timeline and better at times when world crude oil prices are volatile,” he said.
The weekly fuel pricing mechanism was introduced three weeks ago by the Domestic Trade, Co-operatives and Consumer Affairs Ministry to replace the monthly pricing previously in use.