Datuk Seri Saifuddin Nasution Ismail
PUTRAJAYA, Nov 12 -- Petroleum products can be retailed below the government stipulated prices as competition among petroleum companies, said Domestic Trade, Consumer Affairs Minister Datuk Seri Saifuddin Nasution Ismail.
According to him, all 3,500 petrol stations of the six main industry players are at the moment selling petroleum products according to the automatic pricing mechanism (APM) which is RM2.08 per litre for RON95 petrol.
If the six petroleum companies practise the principle of competition through innovation and efficiency apart from focusing on the business based on petroleum, they could reduce the retail price of petroleum products,” he said.
“If it is implemented we can see petrol stations selling at different prices. For instance, if Shell is selling at RM2.06, Petron RM2.07, then go to BHP which is retailing at RM2.04,” he told reporters after attending a Symposium on Fair Competition and Cost of Living here today..
Saifuddin Nasution said petrol station operators can implement it if it is generates a larger volume of sales everyday.
"Petrol retailing business is a business of volume not margin which means competition among station operators can take place.
"How much to be reduced depends on the operator as they need to make comparison in terms of costs and quality of service offered,” he said.
He said the government had taken into account the importance of petrol station operators by increasing their margin by 2.81 sen per litre to 15 sen per litre for petrol and 3.0 sen per litre to 10 sen per litre for diesel.
Saifuddin Nasution said the government was also prepared to provide support including giving certain benefits for petroleum companies taking part in reducing their prices.
KUALA LUMPUR, March 28 -- Bank Pembangunan Malaysia Bhd (BPMB) will provide all relevant support to its customers facing difficulties including granting a moratorium on repayments/payments of loans/financings for a period of six months.
KUALA LUMPUR, March 27 – Tenaga Nasional Berhad (TNB) has pledged RM150 million to support the government’s announcement of a tiered electricity rebate to assist affected Malaysians following the extension of the Movement Control Order (MCO) period until April 14.
KUALA LUMPUR, March 26 -- Energy and Natural Resources Minister Datuk Dr Shamsul Anuar Nasarah has expressed confidence on the preparedness of Tenaga Nasional Bhd (TNB) in revving up its capacity to meet electricity supply demand in the Peninsula during the Movement Control Order (MCO).
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