BATU KURAU (Perak): A new formula to fix fuel prices will be announced next week, said Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hamzah Zainuddin.

He said the move was to ensure stability in the domestic oil industry.

He added that the ministry would be holding a meeting with oil industry players next week to discuss the formula.

"The people must sympathise with petrol station operators who suffer losses when oil prices drop. They (petrol station operators) feel they are the victims (when prices drop)," he told reporters after attending a Ramadan function here Friday.

He added that he would be asking the Government to assist petrol station operators as they had been badly affected by the uncertainty in oil prices.

The retail prices of petrol and diesel have been on a downward trend lately.

Since April 1, the retail prices of RON95, RON 97 and diesel are set on a weekly basis.

It was previously on a monthly basis based on the managed float system. - Bernama