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Thursday January 23, 2014 MYT 6:21:00 PM
Thursday January 23, 2014 MYT 6:55:58 PM
by steven daniel
Datuk Seri Tengku Adnan Tengku Mansor.
PETALING JAYA: In a bid to tighten government spending and ensure all subsidies are taken advantage by only deserving Malaysians, the subsidised price of RON 95 fuel is expected to be only available for the poor.
Federal Territories minister Datuk Seri Tengku Adnan Tengku Mansor made this revelation on Thursday adding that the new pricing policy may take effect in May or June this year.
"We want to impose the increase to only those who can afford it. Someone may drive a (Toyota) Alphard or even a Mercedes (Benz) but they still use RON95 petrol.
He said it was likely that those who do not qualify to purchase RON95 fuel at subsided prices, may only be eligible to purchase RON97 petrol instead.
At present the price of RON95 is RM2.10 per litre (63 sen subsidised) and price of RON97 is RM2.80 at present. The retail price of RON97 is fixed based on a managed float with the monthly price determined by market forces.
"Even our neighbours from Singapore and Thailand as well as foreigners living and working in the country are enjoying the subsided fuel rates," he said.
He said the new approach was still under review by Datuk Seri Abdul Wahid Omar from the Prime Minister's department.
"Although this subject was proposed several times in the past but we will be implementing it now after we find a correct method of applying it," he said after handing 100 offer letters to residents who qualified to rent at the low cost housing project PPR in the city.
The event took place at the DBKL auditorium at noon yesterday.
"We are doing this for the future of the nation. We could adopt populist approaches and solve the problems of today but it may end up killing our future as a nation," he said.
Tags / Keywords:
economics, fuel subsidies, Tengku Adnan
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