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Saturday, July 15, 2017

Petronas supports new mechanism to set fuel prices

Domestic Trade, Cooperatives and Consumerism Minister Hamzah Zainuddin says whatever arrangement is reached must satisfy consumers and petrol station operators.
Mohd-Ibrahimnuddin-Mohd-Yunus-petronasKUALA LUMPUR: Petroliam Nasional Bhd (Petronas) will fully support the government’s decision on the new method of fixing the fuel ceiling price in the event a revision is made to the existing mechanism.

Petronas Dagangan Bhd Managing Director and Chief Executive Officer Mohd Ibrahimnuddin Mohd Yunus said so far, no new information on changes in the petrol price mechanism have been introduced by the government.
“We’ll wait if there is any new approach to the fuel ceiling pricing,” he told reporters at an Aidilfitri open house hosted by Petronas here today
Former Prime Minister Abdullah Ahmad Badawi, Petronas chairman Mohd Sidek Hassan, Petronas President and CEO Wan Zulkiflee Wan Ariffin, and CIMB Group Holdings CEO Nazir Razak were present.
Domestic Trade, Cooperatives and Consumerism Minister Hamzah Zainuddin had said that the current weekly retail fuel price arrangement would remain, while the government looked for a better way of setting the retail price.
Whatever arrangement is reached must satisfy consumers and petrol station operators, he said, adding that the ministry had been engaging with the Finance Ministry, as well as stakeholders in the industry in finding the correct formula to determine petrol prices. -FMT

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