Govt likely to introduce targeted fuel mechanism, says Azmin

TheEdge Sat, May 21, 2022 12:58pm - 1 year View Original


KUALA LUMPUR (May 21): The government is likely to introduce a targeted fuel mechanism to cushion the impact of the rising crude oil prices, especially for the lower-income group, said Senior Minister and International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali.

He said the government is still working on a suitable structure following the sharp jump in the fuel subsidy projection for 2022 to RM28 billion, compared to RM11 billion in 2021.

“We talked about the review in a special retreat recently.

“Those with BMWs cannot enjoy the same subsidies as those with Kancil,” he said during a press conference on the Trade and Investment Promotion Mission to the United States on Saturday (May 21).

Last month, Petronas Dagangan Bhd disclosed that it had been working closely with the Ministry of Finance on the increase of fuel subsidy bill amid near-record high crude oil prices

Minister in the Prime Minister's Department (Economy) Datuk Seri Mustapa Mohamed also said the government is still working on a suitable structure for the targeted fuel mechanism, which is expected to be completed soon. 

Read also:
Azmin: Malaysia attracts new investments worth RM16.52b from the US

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Comments

Nadarajah Mohan
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come to think of it, why is it Only this clowns from Muhitins party chiming in this matter one after another!?.."Ada Udang Sebalik Tempurong kah?"
Pusphanathan C
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bmw use ron97 not 95.... wa la wai
Eddy Khoo
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the goal is to reduce the subsidy and
then siphoned it via those white elephant projects or systems. save 10 billions from subsidy and then siphoned off 11 billions.
Nadarajah Mohan
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all this "mechanisms" will only lead to distortion, an off kilter equilibrium just leads to "opportunity for more thievery"....which we all know, there's plenty going around since the implementation of mamak's "acuan kita sendiri" policies!
Khor Chee Wee
Like · Reply
The rich should stop paying taxes then or move elsewhere. With the return of BN comes the return of high fuel price

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