Fuel price calculation mechanism to be revealed next week

GEORGE TOWN: The Domestic Trade, Cooperatives and Consumerism Ministry will make public the mechanism for the recently implemented managed float system for fuel by early next week, its Minister Datuk Seri Hasan Malek said.

He said his ministry and the Finance Ministry were preparing the information, which will be made available via both the traditional and social media.

On the shortage of RON97 in 208 petrol stations nationwide, he said the situation was improving as oil companies had started importing the fuel.

“Not all petrol stations are affected by this. This is only temporary as the stations are coping with the sudden switch and increase in demand for the RON97 petrol,” Hasan told a press conference yesterday after chairing a national consumer movement council meeting in Bayan Lepas near here.

He expected the situation to return to normal by next week.

There was a hue and cry over a three-sen increase in diesel price per litre when the float system began on Monday, while the price of RON97 and RON95 petrol dropped by nine sen and four sen per litre respectively.

Lorry drivers, bus operators and consumers were reportedly puzzled by the three sen increase in diesel price although world oil prices have fallen to record lows.