The movement is a part of an effort to get the sport more appealing and consequently grow viewers.
Drivers will only get the additional point when they finish in the top in the race.
It was officially confirmed on Monday following the FIA’s world motor sport council (WMSC) approved it a week.
F 1 managing director Ross Brawn said the idea could”improve the series while maintaining the ethics of this activity”.
Brawn, ” the former Mercedes team boss and Ferrari technical manager, said:”We have already been considering this solution – which represents a response to detailed research carried out using tens of thousands of our fans around the world – for numerous months.
“Just how often have we heard that the drivers on radio stations ask the team around who holds the fastest lap?
“Now it will not be only a matter of prestige and record, however there will be a definite motivation that’ll make the last part of the race a lot more fun. Sometimes it is useful to remind ourselves of this heritage of the sport to proceed ”
The atmosphere among senior figures in F1 is the fact that the shift may add extra attention near the conclusion of a race, when the actions can often expire down following end of the pitstops.
Bosses accept there might be negatives to this idea – such as for example a championship being decided by a fastest lap point, or a title competitor’s team mate – who is not in championship contention – setting a fastest lap to disadvantage a rival from the other team.
However, the impression was that most teams and drivers would be conscious of this issue and some one of them might choose to take action.
The idea has been among the several who were put to fans in polls conducted by F1 last year.
The feedback was that it was a concept worth discussing, and F1’s senior stakeholders at the strategy category of six leading teams, FIA and F1 concluded it should be embraced.
After the world council voted it during past week, an e-vote of this strategy group and F1 Commission, a body which includes representatives of this FIA, F1, Ferrari, sponsors and circuits gave unanimous endorsement on Monday, in accordance with the FIA.
What difference would it have made in prior seasons? – evaluation
Last year, the response is none whatsoever, in terms of the outcome of the championship.
But in 2008it would have made Felipe Massa winner instead of Lewis Hamilton, who famously pipped the freshwater in the last corner of the final race and also won the title by a single purpose. Massa had two fastest laps in 2008 and also Hamilton one.
But there is a fallacious argument, as in 2008 there was not some spot for fastest lap – and, had there ever been, the teams and drivers would have conducted the season differently based on that knowledge.
This has been a spot made to BBC Sport by way of a senior figure in F1 on Friday when asked perhaps the sport’s supervisors had done any research into the potential influence of this shift before settling about it.
What did inform the decision has been a desire to boost F1’s entertainment value.
The feeling of F1’s owners Liberty Media is that there is no silver bullet, and that lots of changes big and small – are all needed.
Enormous ones are coming in 2021 – to sales distribution, to team spending and to the cars themselves.
This is a tiny one. Some may argue it is unnecessary, even a gimmick. The counter-point is that it may add a new dimension to the season and also result in an extra talking point.
The verdict will come by the close of the season.