In Budget 2024, it was announced that the government will introduce a targeted diesel subsidy in phases. As stated by prime minister Datuk Seri Anwar Ibrahim during his tabling of the budget, subsidised diesel would continue to be enjoyed by selected users such as goods transport and logistics companies, while other users will be charged a higher price.
He also provided an indication of what users of unsubsidised diesel could expect to pay for the fuel when subsidies are removed. Anwar said that the current subsidised diesel price, which is set at RM2.15 per litre, was actually RM3.75 per litre at market price, meaning that at present, the government is bearing RM1.60 for each litre of diesel sold.
While the move will save the government money, it could potentially affect sales of diesel-powered pick-up trucks, according to the Federation of Motor and Credit Companies Association of Malaysia (FMCCAM). According to FMCCAM president Datuk Tony Khor, this was due to the higher cost that would be incurred by consumers and companies using pickup trucks to deliver business supplies.
“Definitely, the pick-up business will be affected. People are now buying pick-up vehicles because diesel is cheap, but if a higher cost is inflicted, their business is definitely going to be affected,” he told the New Straits Times.
Khor urged the government to clarify aspects of the implementation of the targeted subsidies and the groups set to receive the subsidies. “We are still waiting for further details from the government,” he said.
He said small businesses that used pick-up trucks to transport items would also be affected, considering that most of the vehicles were registered under private use and not included in the two groups set to receive subsidies, namely goods transport and logistics companies.
The post Unsubsidised diesel could affect pick-up truck sales appeared first on Paul Tan's Automotive News.
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