KUALA LUMPUR: New petrol and diesel ceiling prices will soon be updated on a weekly basis, beginning March 29.
Announcing this today, Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hamzah Zainuddin said the announcements will be made every Wednesday.
The new prices will come into force at midnight the following day.
“Following recent discussions with petrol companies, the government has agreed to announce the new prices for petrol and diesel on a weekly basis, every Wednesday.
“Private companies and petrol station retailers who wish to offer discounts from the fixed prices can do so by getting the approval from the ministry," said Hamzah during a Nasional 5 live telecast on TV1 at Radio Television Malaysia (RTM), Angkasapuri here today.
The prices will be based on global oil market rates.
The move marks a departure from the current format, where fuel prices for the following month are announced on the last day of the month, and comes into effect at midnight.