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Diesel subsidy rationalisation date to be announced at ‘appropriate time’ to curb hoarding: Rafizi | Scoop
Economy Minister Rafizi Ramli speaking to reporters after the launch of the Oil and Gas Services and Equipment Census 2024 today. – Bernama pic, June 6, 2024
News

Diesel subsidy rationalisation date to be announced at ‘appropriate time’ to curb hoarding: Rafizi

Economy minister emphasises importance to ensure no unncessary knock-on effects on inflation by ensuring ‘sequencing is correct’

Bernama
Updated
5:49 PM MYT

 

KUALA LUMPUR – The government has decided and set a date for the rationalisation of diesel subsidies, said Economy Minister Rafizi Ramli. 

He said the announcement will be made at the appropriate time. 

“It’s just that the sequencing has to be correct and it is about balancing and reducing the risk of knock-on inflation. We have figured it out,” he told the media after the launch of the Oil and Gas Services and Equipment Census 2024 here today.  

He emphasised that the government will have to make sure that there will be no unnecessary knock-on effects on inflation.  

“Another reason is over the supply because sometimes if it is an early plan and suddenly users will ‘stock up’ early because they know the price will go up in two or three months. 

“If we do diesel subsidy retargeting to manage hoarding and smuggling, announcing the date will contribute towards the spike in smuggling,” he said.  

He also noted that it is impossible for stricter enforcement as there are only about 2,500 enforcement officers. 

The Finance Ministry announced that individual private diesel vehicle owners could submit applications under the individual category while small-scale farmers and smallholders could submit applications under the agri-commodity category of Madani Subsidy Assiatance or Budi Madani.

Eligible recipients will receive Budi Madani assistance of RM200 per month in line with the implementation of targeted diesel subsidy. – June 6, 2024 

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