The recent introduction of weekly fuel price adjustment has been officially carried out starting from April 2017. The government will be announcing a new weekly ceiling price for fuel, fuel retailer can now decide to either following the fuel ceiling price or setting them lower. Below shows the updated fuel price which will last until April 5.
Good news is the fuel price is lowered in this month. Drivers can now better manage their budget.
Earlier this month, Domestic Trade, Co-operatives and Consumerism Minister Datuk Seri Hamzah Zainudin announced that a new weekly fuel pricing mechanism would be used from April onwards. Hamzah told The Star News, the weekly mechanism would allow consumers to enjoy a more stable retail fuel price in comparison to the former monthly price.
According to The Star news, we are going to witness possibility that many petrol station will shut down. With the new measurement, it allows fuel retailer determine their fuel prices and offer the best deal to attract customers to their petrol station. However, it will highly affect the current profit margin of the petrol station.
Given that price of goods are closely co-related with the fuel price, it will be expected that the price of goods will concurrently increases over time.