Petrol dealers unaware on revocation of petrol price ceiling

PETALING JAYA (June 10): Petrol dealers say they are unaware of the Domestic Trade and Consumer Affairs Ministry‘s decision in revoking the price control order that set a price ceiling for RON95 petrol and diesel, the Malaysian Reserve reported today.

Petrol Dealers Association of Malaysia (PDAM) said its members only learned about this via media reports.

“We were just made aware,” said PDAM spokesperson said when contacted by the Malaysian Reserve today.

According to a statement from the Ministry of Finance (MoF) on June 5, based on the weekly retail pricing of petroleum products using the Automatic Pricing Mechanism (APM) formula, the current price of RON97 is now RM1.78 per litre, RON95 RM1.48 per litre and diesel RM1.63 per litre for the period of June 6 until June 12, 2020.

The Malaysian Reserve said the revocation was announced in a gazette dated June 3 while the order itself was approved by Domestic Trade and Consumer Affairs Minister Datuk Alexander Nanta Tinggi on April 10.

“The Price Control and Anti-Profiteering (Determination of Maximum Retail Price for Petrol and Diesel) (No. 8) Order 2020 [P.U. (A) 64/2020] is revoked,” the gazette stated.

The price ceiling was introduced by the previous Pakatan Harapan coalition which saw the fuel prices set at RM2.08 per litre and diesel at RM2.14 per litre.

Under budget 2020, the government allocated RM2 billion for the purpose of fuel subsidy, based on an average oil price of US$62 per barrel for the year.

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