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Tuesday, October 15, 2019

Petrol subsidy card for M40 to be ready by March, says Lim

Finance Minister Lim Guan Eng (centre) taking part in the discussion at the International Directors Summit.
KUALA LUMPUR: Finance Minister Lim Guan Eng said today the targeted fuel subsidy programme for those in the M40 income group will be prepared by next March.
The M40 group refers to those with a median household income of RM6,725).
Lim said the subsidy will be based on the Kad95 subsidy card, which is currently available for those in the B40 low-income group, who are not recipients of the Cost of Living Aid (BSH).
“Let us study this and when the mechanism is ready, we will make an announcement,” he told reporters on the sidelines of the International Directors Summit here today.
When asked whether GHL Systems Bhd would also get the contract for the M40 subsidy programme, Lim told reporters to wait for an official announcement from the ministry.
Last week, MCA president Wee Ka Siong had questioned the federal government over an RM25 million contract awarded to GHL for the development of the subsidy programme.
Putrajaya announced the targeted fuel subsidy programme for the B40 last week, which is to be implemented from Jan 1 next year, with the aim of reducing the cost of living.
The subsidy will be capped at RM30 per month for cars and RM12 per month for motorcycles and will be credited directly into the recipients’ bank accounts every four months.
The price of RON95 in the peninsula will meanwhile be floated, based on the oil price, from January, with adjustments made in stages.
Lim also addressed worries over the possibility of petrol prices going up drastically, saying the government had already taken that risk into consideration, although he stressed that it was very unlikely to happen.
“I’ve already mentioned the possibility is low because when we made the projected petrol prices, which is US$62 per barrel, some said it’s too high.
“But if it does hit RM3 or RM4 (per litre), of course, we will review it. But the possibility (of that happening) is low,” he said. - FMT

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