The new price will be reflected at 00:01am the following day, which is Thursday,” Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hamzah Zainuddin said in an announcement, in a live telecast today. According to Hamzah, any change in the Means of Platts Singapore (MOPS) and foreign exchange will be reflected accurately in the weekly revision, in line with global oil prices. “The fluctuation of the price, up and down, on a monthly basis made consumers panic,” Hamzah said by way of explanation for the weekly pricing mechanism. Currently, fuel prices for the following month are announced on the last day of each month. MOPS is the average of a set of Singapore-based oil product price assessments published by Platts, a division of McGraw Hill Financial.

Source: The Edge Markets March 22, 2017 10:07 UTC