KUALA LUMPUR: The ceiling prices for fuel and diesel will be announced weekly from March 30, said Domestic Trade, Cooperatives and Consumerism, Datuk Hamzah Zainudin.
The new prices will be announced every Wednesday for the week and be implemented on Thursday.
Hamzah in an interview on Radio Televisyen Malaysia (RTM) which was aired ‘live’ on Astro AWANI (Channel 501) said that the ceiling price mechanism will enable consumers to know the current prices, while avoiding confusion.
He said companies and petrol station retailers who want to offer discounts from the fixed prices can do so by getting the approval from the ministry beforehand.
The fuel and petrol prices will be based on market prices.
The managed float system was introduced after fuel subsidies were removed when world oil prices dropped towards the end of 2014.
Currently, fuel prices are announced on the last day of the month, and comes into effect at midnight.