However, he said the new formula to determine the fuel prices aimed at stabilising the national oil industry was still being studied.
Hamzah said he had met with the oil industry players to discuss the formula to ensure that it would not disadvantage any party.
“There are people who want the announcement to be made monthly instead of weekly.
“No, the system that we have right now will remain,” he told a press conference after the ministry’s monthly assembly here today.
On Friday, he said a new formula for fixing retail prices of fuel would be announced to prevent petrol station operators from suffering losses if the fuel prices continued to fall under the current method.
Hamzah said the government wanted a win-win formula for all parties, including consumers who would also be affected if petrol station operators went bankrupt.
“Currently, the average distance of petrol stations from one another is about 25km. So if one shuts down, it will be difficult for consumers who will need to go far to refuel,” he said.
Currently, there are 3,500 petrol stations operating nationwide.