PetDag to note market response before offering discounted fuel prices

Petronas petrol station. Reporter Joseph Chin. .-Art Chen/ The Star.

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

Article type: metered
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Business News

CPO futures likely to undergo technical correction next week Premium
Econpile issues termination notice to Gabungan Strategik Premium
Intel's US$20bil Ohio factory could become world's largest chip plant Premium
Shrunken US oil inventories point to chronic under-supply Premium
Royal Dutch no more - Shell officially changes name Premium
Oil price slides, but climbs for 5th week on supply concerns Premium
GLOBAL MARKETS-Bond yields tumble as Netflix fuels stock market sell-off Premium
Rising interest rate fallout unlikely Premium
Policy normalisation can lend support to ringgit Premium
Short Position - Green bond, O&G funding, Going the EV way Premium

Others Also Read