Many countries have implemented a targeted subsidy system and it is about time Malaysia does the same but the implementation requires transparency on the part of consumers and suppliers he said. The Petrol Dealers Association of Malaysia PDAM is calling for an urgent meeting with the government to discuss the mechanics of implementing a targeted fuel subsidy before it is.
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That said Saravanan concedes that a targeted subsidy system can be a good move provided that it is transparent and not abused.
. The weakened subsidy plan pushed the energy regulator to increase diesel and petrol prices by Sh5 a litre to Sh11560 and Sh13472 respectively in its. Finance minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said Malaysias T20 group use up more than half of the fuel subsidy bill. Malaysias food inflation is set to stay on an upward.
As a net food-importing country Malaysia is highly exposed to global shocks in the food supply chain says MIDF Research. The government will also provide a fresh subsidy of 200 rupees per cooking gas cylinder to over 90 million beneficiaries under a welfare scheme introduced for. Moreover if the government chose to not provide subsidies and withdraws then the petrol price will hit a staggering Rs 190 litre.
Earlier on Saturday in a significant step aimed at providing relief to people from high fuel prices the Centre announced a reduction in excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 per. A litre of petrol currently costs 10541 rupees while diesel is at 9667 rupees in New Delhi. Kerala government announces cut in tax on petrol and diesel by Rs 241 and Rs 136 respectively state Finance Minister KN Balagopal said.
As per the sources privy to the matter following the hike the fuel subsidy will cost the national kitty Rs4514 from May 16 if the prices of petrol are not increased.
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