“The company will discuss the best way forward with the government and related parties and will update should there be further developments on this matter,” it told FMT.

The suggestion was made by Domestic Trade and Consumer Affairs Minister Saifuddin Nasution Ismail, who said all 3,500 petrol stations under the six main industry players were selling petroleum products according to the automatic pricing mechanism, which is RM2.08 per litre for RON95.

He said companies could reduce the retail price of petroleum products if they practised competition through innovation and efficiency instead of focusing on business based on petroleum.

He also said petrol station operators could implement this method if they generate a larger volume of sales every day, adding that Putrajaya could give certain benefits to petroleum companies which work on reducing their prices.