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Anwar announces ICPT surcharge cut to ease goods prices | Scoop
According to Prime Minister Datuk Seri Anwar Ibrahim, the federal government is implementing targeted electricity subsidies under the condition that they do not jeopardise the interests of the majority of Malaysians. – Azim Rahman/Scoop file pic, June 29, 2024
News

Anwar announces ICPT surcharge cut to ease goods prices

Rate reductions for commercial, industrial users intended to alleviate burden on businesses and potentially lower consumer prices

Bernama
Updated
11:33 PM MYT

 

BUTTERWORTH – The reduction in the Imbalance Cost Pass-Through (ICPT) surcharge rate for commercial and industrial users is expected to bring down the prices of goods, Prime Minister Datuk Seri Anwar Ibrahim said. 

He said the government has agreed to lower the ICPT surcharge rate for large companies to enable them to assist efforts to reduce the prices of goods.

“We will monitor whether this reduction in electricity rates will lead to a decrease in the prices of goods,” he told a press conference here today.

Anwar said the federal government is implementing targeted electricity subsidies with the primary condition that they do not affect the interests of the majority of Malaysians.

The Energy Transition and Water Transformation Ministry (Petra) announced today that there will be no increase in electricity tariffs for all electricity users in Peninsular Malaysia from July 1 to December 31. 

In a statement, Petra said the government agreed to lower the surcharge by 1 sen/kWh for the street lighting category (tariffs G and G1) under the supervision of the local authorities (PBT), while commercial and industrial users will experience a reduction in the ICPT rate of 1 sen/kWh for the same period. 

Earlier, Anwar chaired the Penang Bumiputera Development Council Meeting at The Light Hotel here.

According to Anwar, the meeting, which ran for about two hours from 5.50pm, discussed issues affecting the Malay and Bumiputera communities in Penang, as well as programmes that could be organised to assist them.

Also present were Deputy Chief Minister I Datuk Mohammad Abdul Hamid and state Trade, Entrepreneurial Development and Rural Development Committee chairman Rashidi Zinol. – June 29, 2024

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