Weekly fuel prices announcement will remain: Hamzah

PUTRAJAYA: The ceiling prices for petrol and diesel will be announced every week as is currently being implemented, said Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hamzah Zainudin.
However, he said the new formula to determine the fuel prices aimed at stabilising the national oil industry was still being studied.
Hamzah said he had met with the oil industry players to discuss the formula to ensure that it would not disadvantage any party.
"There are people who want the announcement to be made from weekly to monthly. No, the system that we have right now will remain," he told a press conference after the ministry's monthly assembly here today.
On Friday, he said a new formula for fixing retail prices of fuels would be announced to prevent petrol station operators from suffering losses if the fuel prices continued to fall under the current method.

Hamzah said the government wanted a win-win formula for all parties, including consumers who would also be affected if petrol station operators went bankrupt.
"Currently, the average distance of a petrol station from another is about 25km, so if one shuts down, it will be difficult for consumers who will need to go far to refuel," he said.
Currently, there are 3,500 petrol stations operating nationwide.
Commenting on MBI International, alleged to be a pyramid scheme, Hamzah said a thorough investigation would be carried out even if the company claimed they did nothing wrong.
"Our investigation is to ensure that everything they (the company) are doing is legal," he said.
Yesterday, the enforcement division of the ministry busted the syndicate in an operation code-named Ops Token 2 conducted with Bank Negara Malaysia (BNM), police and the Attorney-General's Chambers.
In the operation at three different locations, in Butterworth, Penang and Taman MBI, Kulim, Kedah, a total of RM688,000 cash and three luxury vehicles were seized while RM30 million from the suspect's bank account was frozen.
A total of 98 bank accounts with RM209 million have also been frozen. — Bernama