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BUSINESS

Tengku Zafrul: Govt in The midst of testing mechanism for targeted fuel subsidy system

07/07/2022 04:06 PM

KUALA LUMPUR, July 7 (Bernama) -- The government is in the midst of testing the mechanism for the targeted fuel subsidy system but no timeline has been set for the execution, Minister of Finance Tengku Datuk Seri Zafrul Abdul Aziz said.

He said the government is currently testing several proposals on the table to determine the best measures for execution before presenting it to the cabinet.

The minister said based on a study by Bank Negara Malaysia, for every RM1 of fuel subsidy, 53 sen goes to the T20 group while 15 sen is utilised by the B40.

“We will test and decide when we are comfortable with the mechanism and the platform of how we execute it.

“Obviously the customers’ experience would vary in the rural areas as well as the city,” he told reporters after witnessing the launch of the Edotco sustainability blueprint and report 2021 here today.

Tengku Zafrul said he would go on the ground to petrol stations to test the mechanisms or the platform proposed to the government.

The government had previously estimated that the subsidies for this year will reach RM77.7 billion, meaning that the fuel subsidy will reach RM30 billion.

“Last month, it (fuel subsidy) already reached RM5 billion a month,” he added.

-- BERNAMA


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