Fuel Ceiling Price Policy Still Stands Despite Revoked Order

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The petrol ceiling price policy still stands despite the government revoking an order under the Price Control and Anti-Profiteering Act 2011 stipulating the maximum fuel prices
In a statement today, Domestic Trade and Consumer Affairs Minister Alexander Nanta Linggi (above) explained that only the mechanism for enforcing the ceiling prices have changed, which was implemented since Feb 29
The ceiling prices were previously implemented through orders gazetted weekly under the Price Control and Anti-Profiteering Act, beginning March 30, 2017
Now, the fuel prices are set using the Supply Control Act 1961 instead
“The KPDNHEP wishes to emphasise that there is no change in terms of policy for setting the retail prices of petrol and diesel, as was reported
“The change in mechanism is to improve the effectiveness of enforcement and monitoring at the KPDNHEP level if there is any violation of orders made by law
“In protecting consumers’ interests, the KPDNHEP is committed in ensuring compliance by all oil companies and fuel station proprietors on the prices set by the Finance Ministry
“In light of current trends in global crude oil prices, the government will continue to monitor global crude oil prices and take necessary steps to ensure the welfare of the people,” he said
On June 3, the government revoked an order gazetted on Feb 21 that set the ceiling prices for various types of fuels
The price of RON97 petrol was capped at RM2.36 per litre, while RON95 was capped at RM2.06 per litre
Meanwhile, Euro 2 and Euro 5 diesel were capped at RM2.14 and RM2.24 per litre, respectively
The actual retail prices are announced by the Finance Ministry on Friday evening each week
Currently, the price for RON97 is set at RM1.78 per litre, while RON95 is set at RM1.48 per litre
The price for diesel regardless of grade is RM1.63 per litre. - Mkini

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