US attack on Syria may affect oil price in global market - Hamzah
Hamzah (2nd, left) and Malaysia Cooperative Commission (SKM) Executive Chairman Dr Noor Zari Hamat (2nd, right) looking at the book on code of ethics for SKM staff after its launch today, April 10, 2017. -fotoBERNAMA
The military strike by the United States on the Syrian government airbase recently will have serious implications on the price of oil in the global market.
Minister of Domestic Trade, Cooperatives and Consumerism Datuk Seri Hamzah Zainuddin said any price hike in the global market would affect the price of oil in Malaysia.
"Since the price of petrol and diesel in Malaysia is market based, any increase in the price of oil in the global market would certainly result in a price increase here in Malaysia.
"However, I am not speculating on oil prices. Petrol and diesel prices in Malaysia is determined weekly and not monthly as was done in the past," he said after attending the Malaysia Cooperative Commission's Excellence Service Awards presentation here today.
Hamzah said last week the ministry had announced a three sen increase for RON95 petrol from the previous week's price of RM2.13 while RON97 was priced at RM2.43 a litre compared with two sen less the previous week.
The price of diesel also dropped by three sen to RM2.08 a litre. -- Bernama
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