PetDag to observe mart response on new fuel mechanism
Published on: Wednesday, March 29, 2017
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 today.PetDag Managing Director/Chief Executive Officer, Mohd Ibrahimnuddin Mohd Yunus, said the Domestic Trade, Cooperatives and Consumerism Ministry has requested dealers to seek the ministry's approval before offering lower fuel prices.
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"The possibility is there for every dealers 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 Tuesday.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.
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"When the prices are fixed on a weekly basis, it will be more reflective of the current market. Hopefully, the pricing would not fluctuare much week to week," he said.
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