Saifuddin: New fuel subsidy mechanism for B40 nearly ready
The Domestic Trade and Consumer Affairs Ministry has almost completed its final preparations to introduce the fuel subsidy mechanism for the Bottom 40 (B40) income group.
Its minister, Datuk Seri Saifuddin Nasution Ismail, said the ministry was looking for an appropriate window for its implementation before presenting it to the cabinet.
“All our preparations and research on the mechanism are almost done. We are looking at the right time for the implementation of the programme before bringing it to the cabinet to share its mechanics and process.”
He said there were factors which would determine the timing of the introduction of the new mechanism.
“This will depend on the price cap, as well as world oil prices. We will have to factor in the situation affecting oil companies and dealers. In the end, we want a win-win situation for all parties — the government and most importantly the people,” he said.
In February, the government announced the price of RON95 petrol would be capped at RM2.08 per litre regardless of the global petrol price. This is being done while a new fuel subsidy mechanism is worked on.
Saifuddin was speaking to reporters after attending the relaunch of the Giant hypermarket in Batu Caves here yesterday.
On the event, Saifuddin said he was pleased to note that GCH Retail Malaysia Sdn Bhd was complying with the government’s ceiling prices for 27 items for the festive period.
The ministry had previously placed 27 types of goods under the Festive Season Price Control Scheme for 30 days in conjunction with the Hari Raya Aidilfitri celebration, beginning May 21.
GCH Retail Malaysia managing director Pierre Olivier Deplanck said the firm was committed to ensuring that the public could buy fresh goods at its stores at lower prices.
He said the company would relaunch 27 of its hypermarkets by year end.