The government has defended its decision to implement the fuel subsidy rationalisation programme, in which the first phase has seen the retail price of diesel in the peninsula being adjusted to RM3.35 per litre as of today, June 10. This is a RM1.20, or 56%, increase from the previous RM2.15 per litre price for the fuel, which has been capped since 2021 under a blanket subsidy.
The action to implement targeted subsidies has been done to save the country, said prime minister Datuk Seri Anwar Ibrahim. He said that the government was forced to make several unpopular decisions to do just that, The Star reports.
“Who wants (to implement) targeted subsidies? We must realise that whatever we do, we will be attacked with all sorts of lies and accusations. All prime ministers before this had agreed to implement targeted subsidies, but there had been no political will to do so. This is done to save the country, we are left with no choice,” Anwar said earlier today.
The price adjustment for diesel follows on the announcement made by Anwar on May 21 that the government was set to implement targeted fuel subsidies, starting with diesel in the peninsula, with that for Sabah and Sarawak to be set aside until later. For now, diesel remains priced at RM2.15 in Sabah, Sarawak and Labuan.
The new retail price of Euro 5 B10 and B20 diesel is based on a controlled market float determined by the automatic pricing mechanism (APM) formula, at present following that for the month of May. According to news reports, the retail price of the fuel will be determined weekly, similar to that being practiced for RON 97 petrol.
To offset the removal of the blanket subsidy for diesel, the government is dispensing targeted subsidies via the Budi Madani assistance programme. Announced on May 27, the programme is open to private owners of diesel-powered vehicles as well as agriculture smallholders in Peninsular Malaysia, with eligible recipients in both categories set to receive a RM200 monthly sum in financial assistance.
The post Targeted fuel subsidies are aimed at saving Malaysia, government left with no choice – PM Anwar Ibrahim appeared first on Paul Tan's Automotive News.
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