How is that? Are the house odds stacked against the playa?
Dateline 2017-08-30, FMT:
Although petrol dealers hardly get any sympathy on social media when they complain about their losses, they are very much in a losing situation.
Speaking to FMT, Petrol Dealers Association of Malaysia (PDAM) president Khairul Annuar Abdul Aziz said this was because the profit margin for dealers set by the government through the automatic pricing mechanism hasn’t been reviewed since 2008.
Presently, the profit margin is set at 12.19 sen per litre for petrol and 7 sen per litre for diesel, but operating costs have doubled since then due to the implementation of minimum wages and increases in electricity tariffs.
Additionally, Khairul said petrol dealers absorb a 1% service charge imposed on customers who pay using credit or debit cards.
“So when fuel prices increase, our operating expenses decrease because we are buying the petrol low and selling high, but we are forking out more for the service charge on card payments because the value of that 1% increases.