PETALING JAYA, MALAYSIA: Consumers will know next week if the Government will implement a floor price mechanism for petrol and diesel.

Domestic Trade and Consumer Affairs Minister Datuk Shahrir Abdul Samad said a meeting of the Economic Council executive council members, comprising Cabinet ministers and government officers, would be held next Wednesday.

He said consumers should also brace for the decision of having a managed flotation mechanism for oil prices based on market rates.

Currently, the price of petrol and diesel is not subsidised and not set based on market rates.

Shahrir said many aspects had to be looked into before finalising the issue, including generating revenue for the Government and providing stronger purchasing power to consumers.

He said if the consumers wanted the Government to have a free float mechanism, they may want it now as prices were down but would not be happy when prices go up.

"Wait for the meeting. I will present my ideas to the exco," .he told reporters yesterday after opening Giant's 109th branch in Kota Damansara.