New petrol, diesel price to take effect at midnight – Bernama
The new retail price for petrol and diesel for March will take effect after midnight tonight, says Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hasan Malek.
However, he declined to say if the price would drop or increase, but said the ministry would continue with the price-reduction campaign nationwide, regardless if there was an increase or drop in the price of fuel.
"Oil price is not the main factor that determines the price of goods, but there are other factors which influence prices of goods," he told reporters after launching the "Lebih Nilai, Lagi Hebat" promotion for Nestle (M) Bhd products in Shah Alam today.
On February 1, the government announced a reduction in the retail prices for fuel, by 21 sen and 11 sen per litre, respectively for RON95 and RON97 petrol, and 23 sen per litre for diesel.
To that effect, the fuel price for the month of February was R1.70 per litre for RON95, RM2 per litre for RON97, while the price of diesel was RM1.70 per litre.
On the campaign by Nestle, Hasan said Nestle's proactive step to offer consumers a price reduction of between 8% and 33% under a good value for money campaign was laudable and a move in the right direction to enrich the lives of consumers by offering high-quality products at the most affordable prices.
"This consumer-friendly promotion is indeed a welcome move and the ministry is appreciative of this initiative by Nestle, which is in line with the government’s firm commitment to ensure consumers receive good value for their money," he said when launching the month-long campaign.
With the promotion, 11 million special packs of Nestle products will be retailed at lower prices, aside from free bonus packs and premium items with purchases.
Meanwhile, Nestle managing director Alois Hofbauer said Nestle was dedicated to rewarding consumers with greater value and would continue to do it with attractive promotions and campaigns throughout the year.
"As the world’s leading nutrition, health and wellness company, we believe in doing good for society, and this promotion is certainly a true reflection of our principles.
Hofbauer also expressed Nestle's support for the implementation of the Goods and Services Tax (GST) and says the company is in full compliance with the Anti-Profiteering Act and will proactively pass on Sales Tax savings to retailers from April 1, 2015. – Bernama, February 28, 2015.
