The government will ensure that the increase in RON 95 petrol prices will be gradual for those who aren’t eligible for targeted fuel subsidies. Fuel prices will be floated next year, with targeted assistance replacing the current blanket subsidy, as announced in Budget 2019.
According to minister of domestic trade and consumer affairs Datuk Seri Saifuddin Nasution Ismail, a sharp hike will directly impact the Consumer Price Index (CPI), which will push up inflation.
“Let’s say on the first day of implementation, the difference (between controlled and market prices) is 30 sen (per litre). We don’t want that. Even though the price must go up by 30 sen, it should be gradually over a set period – say six to eight months,” he told reporters in Putrajaya today, reported by Bernama.
Saifuddin said that his ministry also received guidance from the Statistics Department, which does simulations of the impact of fuel prices on the CPI. Asked if fuel prices will be refreshed weekly or monthly, Saifuddin said that the matter is still being discussed with the finance ministry
“We’ve received plenty of feedback from distributors, oil companies and the public, and we’ll have to conduct in-depth studies to decide on the best format,” he said.
To recap, finance minister Lim Guan Eng announced fuel subsidies targeted at the B40 group in Budget 2019. The mooted plan was to offer subsidy of 30 sen per litre up to 100 litres a month, for cars with engines below 1,500cc. Motorcycles with engines below 125cc will get 40 litres of RON 95 a month at the same rate. Owners of multiple and “luxury cars” will not be eligible, although the definition of the latter is yet to be determined.
The new subsidy system is expected to roll out in the second half of 2019, when it will be implemented in stages.
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AI-generated Summary ✨
Comments express frustration and disappointment over the fuel price increase, with concerns about the timing and impact on the economy and auto industry. Many highlight ongoing issues like corruption, government transparency, and perceived unfair subsidies, especially for higher-income groups. Some suggest the market should be open for fuel pricing or call for a gradual, transparent float; others criticize the government’s handling and timing, referencing past promises and political changes. There’s also sentiment that Malaysia, as an oil producer, should enjoy cheaper fuel, and skepticism about subsidy management and the use of profits. Overall, comments reflect dissatisfaction with current policies, skepticism about government honesty, and concern over rising costs affecting ordinary Malaysians.