The weekly determination of retail prices of petrol and diesel is set to stay, and the government has no plan to revert to the monthly determination of fuel prices.

Domestic Trade, Co-operatives and Consumerism (KPDNKK) Minister Hamzah Zainudin said this was because the weekly determination was the best mechanism because fuel prices were truly decided by global market prices.

“Today, the weekly determination is the best mechanism because the prices really followed the global prices, there is no other way. The mechanism also ensures justice to consumers and traders in the industry,” he said when winding-up on the Price Control and Anti-Profiteering (Amendment) Bill 2017 at Dewan Negara here today.

The bill, which is aimed at encouraging transparency in exhibiting, advertising or quotation or charge, was approved in the Senate after obtaining majority support via voice vote.

Hamzah said the amendment of the bill enabled the government to implement the Inclusive Price Policy (DHT) to ensure consumers were not confused or manipulated by traders, including online traders.

Hamzah said the government would launch the 1Malaysia People’s Shop (KR1M) 2.0 which would continue the concept of helping to overcome the problem of the cost of living by offering products at below market prices.

“This, I agree...it is for the good of the consumers. However, when given to an entrepreneur, he cannot truly follow the needs of the people that its prices are lower than other places.

“We have discussed and we will appoint an operator for KR1M 2.0 to help the people in terms of tackling the national cost of living,” he said.

Earlier, Deputy Prime Minister Ahmad Zahid Hamidi had directed KPDNKK to quickly terminate the contract of the company handing KR1M which sold its products at above market rates.

Meanwhile, the Senate approved the Trade Descriptions (Amendment) Bill 2017 which among others, was aimed at requiring the public to register under the Goods and Services Act 2014 to comply with the guidelines which had been issued on exhibition of prices.

-- Bernama