Business

Petronas Dagangan to concentrate on supply management

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Written by Syndicated News

KUALA LUMPUR, March 23 2016 : Petronas Dagangan Bhd is concentrating on inventory management, cost, as well as supply and distribution amid the oil price volatility, Managing Director/Chief Executive Officer Mohd Ibrahimnuddin Yunus said.

“When the global oil price is volatile, you must have an optimal inventory management on a number of days to ensure you can ride out the storm. We will not know where oil prices will be in the future,” he said yesterday.

He told reporters this after presenting prizes to winners of the “Petronas Pump n Win” campaign here.

He also said the company needed to keep its cost at an optimal level.

“Cost is a very big issue for us. At the same time, we cannot jeopardise fuel quality and services provided to our customers,” he added.

Mohd Ibrahimnuddin said supply and distribution was a very important area too, adding the company would avoid any disruption to fuel supply.

On the company’s four core businesses, namely retail, commercial, liquefied petroleum gas and lubricants, he said the company would focus on all the four segments instead of giving priority on a certain segment.

“This year will be another challenging year for us, and we cannot separate the four businesses that we have or give any priority focus on a certain segment.

“We will focus on the strategies that serve all the four businesses for 2016,” he said.

On the recent improvement in oil prices, Mohd Ibrahimnuddin said it was impossible to predict the price movements but what the company could do was to ensure that it is able to ride the volatility.

At today’s prize presentation ceremony, Annambah Nagappan, 46, won the grand prize of a Mercedes-Benz CLA200 and fuel card worth RM1,000.

Apart from that, the campaign, which kicked off from January 5 to Feruary 29 this year, also awarded 16 units of Piaggio Vespa and 16 JAVA foldable bicycles.

“This is our first campaign for 2016, and we will organise more similar campaigns this year,” said Senior General Manager Retail Business Division, Shaharuddin M Sidek. – Bernama

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