THE Domestic Trade, Cooperatives and Consumerism Ministry said the weekly petrol and diesel prices were not fraudulently set.

Minister Hamzah Zainudin said the calculation was based on several formulae and had taken into account the global market prices and the ringgit’s position.

“The weekly oil price changes are based on the global market prices. If the global oil prices drop today, we don’t necessarily lower the prices tomorrow because the calculation method in determining the retail prices in our country is based on the average (world) prices for a week.

“In addition, we also need to look at our currency at the time the deal (oil purchase) was made. If (the currency is low), then we have to buy at a higher price and vice-versa,” he said after opening the Jelutong Umno division delegates conference in Batu Ferringhi near George Town today.

Hamzah, who is also an Umno Supreme Council member, was commenting on reports of petrol prices increasing thrice this month despite the downtrend in global crude oil prices. 

Negeri Sembilan PKR chairman Aminuddin Harun had said the dip in global crude oil prices did not have any impact on local fuel retail prices.

Hamzah said the ministry had never hid any information over the determination of weekly petrol and diesel retail prices because the same method was used internationally. – Bernama, August 20, 2017.