A new formula for fixing retail prices of fuels will be announced next week, said Domestic Trade, Cooperatives and Consumerism Minister Hamzah Zainuddin.

He said the move was being taken to ensure stability of the domestic oil industry and that the ministry would be holding a meeting with oil industry players next week to discuss the formula in the interest of all parties.

"The people must sympathise with petrol station operators who suffer losses when oil prices drop, They (petrol station operators) feel they are the victims (when prices drop)," he told reporters after attending a Ramadan function here today.

He added that he would also be asking the government to assist petrol station operators as they have been badly affected by the uncertainty in oil prices.

The retail prices of petrol and diesel have been on a downward trend lately. Since April 1, the retail price of RON95, RON 97 and diesel are set on a weekly basis.

Before that, it was on a monthly basis based on the managed float system.

- Bernama