Weekly fuel prices to take effect every Thursday

PETALING JAYA: Motorists will have to keep an eye on petrol and diesel prices weekly following the Domestic Trade, Co-operatives and Consumer Affairs Ministry's announcement that they will change every Thursday.

Minister Datuk Seri Hamzah Zainuddin made the announcement on RTM's TV1 5pm news on Wednesday, and said that the new mechanism would allow consumers to enjoy a more stable retail price for fuel compared to the monthly pricing currently in use.

The new mechanism will come into effect on March 29.

Weekly fuel prices will be announced every Wednesday and the new price will be enforced the next day.

"The first announcement will be on Wednesday, March 29, which is next week and the new petrol and diesel prices will be enforced on March 30," he said.

Hamzah also said fuel station operators will be allowed to give discounts on fuel, provided that prior permission is obtained from the ministry.

"Station operators are reminded to adhere to the new prices and serious action will be taken against those who do not," he said.

Hamzah said the ministry had had several consultations with oil companies, station operators, non-governmental organisations and other relevant parties before coming up with the change in the pricing mechanism.

This was later presented to the Cabinet and the weekly price mechanism was approved on Feb 22.

Earlier this month, Hamzah had announced that fuel ceiling price would be announced every week starting April and that it would be done on a Monday or Saturday.