GOVT EYEING TARGETED FUEL SUBSIDIES
Ministry seeking to contain excessive inflationary impact on economy
THE government is trying to balance subsidies, especially for RON95 petrol and diesel for fishermen, so as to contain excessive inflationary impact on the economy.
The Pakatan Harapan government has capped pump prices for RON95 and diesel for fishermen but expressed plans to introduce a more targeted scheme, in place of the current blanket subsidy.
Entrepreneur Development Minister Mohd Redzuan Md Yusof said his officials were discussing the quantum of subsidy allocation for next year with the Finance Ministry, including fuel subsidy, ahead of the tabling of 2019 Budget next month.
“We are still drafting the ministry’s budget to be forwarded to the Finance Ministry. We still have not come to an estimate for subsidy allocation... as to whether there will be an increase or decrease (in fuel subsidy).
“This is something that we will see in Parliament on November 2. The government is trying to balance subsidies so as to contain excessive inflationary impact on our economy.
“There will be an increase in development expenditure under 2019 Budget as we are moving towards becoming a producing country,” said Redzuan.
The minister was speaking at the launch of the 18th edition of the Beauty Expo 2018, here, yesterday.
Beautyexpo 2018, organised by UBM Asia, featured more than 380 international and local exhibitors of beauty, hair, nail, make-up and education, natural and health, and halal cosmetics from 30 countries, including Belgium, Japan, South Korea and Thailand.
The four-day event is expected to draw an estimated 17,500 unique visitors interested in products sourcing and networking.
They will also participate in industry programmes covering all aspects of the beauty industry.