Last week, there was a rumour going around the internet saying that petrol prices will be determined on a daily basis, instead of the current weekly. Turns out; there's a certain truth to that rumour.
Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hamzah Zainuddin has kinda confirmed on Wednesday that the government are looking at announcing petrol prices on a daily basis.
Hamzah told The New Straits Times
they are "moving toward that direction", and they are currently working on a formula that will benefit both the rakyat
and petrol station operators.
A meeting with the operators have been set for next week, according to Hamzah, and an announcement about the new formula can be expected the week after.
He added that when the new system is introduced, petrol stations could then compete against one another to give consumers the best prices.
As for the consumers, Hamzah suggested that they would need to form a group or an application to help them find the cheapest petrol.
You know, like Pokemon Go
Okay, so here's the good news: the new mechanism will most likely not take effect this year
Hamzah told the NST that the implementation of the daily system is still a long way off and "when the time has come, we will do it."
This whole kerfuffle came after reports emerged that petrol dealers are experiencing severe losses due to the current weekly system, which came into effect in 2014 after the removal of fuel subsidies.
In fact, around 30 to 40 petrol stations per fuel company were reportedly forced to close down.
Meanwhile, a couple of million of Malaysians were forced to eat sand due to the rising petrol prices, so we guess we're even then?