The weekly retail price of petrol and diesel will be announced every Wednesday, said Domestic Trade Co-operatives and Consumerism (KPDNKK) Minister Hamzah Zainuddin.

Hamzah said the new system will begin next Wednesday (March 29).

"After joint discussions with oil companies, we have agreed to announce the weekly prices of petrol and diesel every Wednesday and the price (for the first week under the new system) will be effective March 30," he said in a live announcement on RTM1.

Hamzah said any companies that wished to sell below the weekly ceiling price must seek approval from his ministry.