Is ‘fuel price Wednesday’ coming tomorrow?

Retailers are in the dark about the new government's policy on fuel prices ahead of the weekly price announcement tomorrow.

PETALING JAYA: Tomorrow will be the first time the weekly fuel prices are announced under the new Pakatan Harapan (PH) government, but retailers representing major petroleum brands in the country are still in the dark over whether the so-called managed float system for fuel prices will be continued.

The Petrol Dealers Association of Malaysia (PDAM) said dealers were still waiting to know if fuel prices would be revised tomorrow.

“I only heard it from the media that prices will remain the same, just like the previous week,” PDAM president Khairul Annuar Abdul Aziz told FMT, adding that there had been no word from the domestic trade, co-operatives and consumerism ministry.

Prime Minister Dr Mahathir Mohamad has yet to name ministers for most of the Cabinet posts left vacant after Barisan Nasional’s defeat in last week’s polls.

He previously said he would oversee the ministries pending further announcements.

In its election manifesto, PH pledged to stabilise oil prices and reintroduce fuel subsidies to targeted groups within 100 days of coming to power.

Since last year, retail prices of fuel have been determined by a managed float system based on the world price of crude oil, with prices of diesel, RON95 and RON97 announced every Wednesday.

However, there has been no change in prices over the last two months.

Khairul, who previously criticised the float system, said retailers were now wondering if there would be a new mechanism to ensure fuel price stability.

“We have our ideas to overcome this. But my hope is that we can sit down quickly with the new government to discuss,” he said, adding that there should be a “win-win” solution. -FMT