Malaysia: Govt likely to introduce targeted fuel subsidy – Azmin

• The government will likely introduce a targeted fuel subsidy mechanism, said Senior Minister Azmin Ali. The international trade and industry minister said this is to cushion the impact of rising crude oil prices, especially for the lower-income group.
• He said the government is still working on a suitable structure following the sharp jump in the fuel subsidy projection for 2022 to MYR28bn, compared to MYR11bn in 2021.
• “We talked about the review in a special retreat recently. Those with BMWs cannot enjoy the same subsidies as those with (Perodua) Kancil,” he said.
• In Apr 22, Petronas Dagangan Bhd disclosed it had been working closely with the Ministry of Finance on a bill to increase the fuel subsidy amid near record-high crude oil prices.
• Minister in the Prime Minister’s Department (Economy) Mustapa Mohamed also said the government is working on a suitable structure for the targeted fuel mechanism, which is expected to be completed soon.

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