PARLIAMENT | The government will be floating the price of RON95 petrol in stages once the targeted fuel subsidy scheme kicks off in January next year through a price increase of one or two sen a week.
According to Deputy Domestic Trade and Consumer Affairs Minister Chong Chieng Jen, this will be carried out until the price of RON95 petrol reaches market price.
“We will float the petrol price to reduce the people’s cost of living and so that the prices of goods do not rise sharply.
“We will float the cost of RON95 in stages, one or two sen a week, until it reaches market price,” he informed the Dewan Rakyat today.
Chong (photo) was responding to a supplementary question by Rubiah Wang (GPS - Kota Samarahan). The latter has asked the government to explain the mechanism in place to prevent rising costs of goods upon implementation of the targeted subsidy scheme in 2020.
Prior to that, Domestic Trade and Consumer Affairs Minister Saifuddin Nasution said the scheme would only be implemented in Peninsular Malaysia, involving over 2.9 million users from the low-income (B40) group.
Those earning RM4,000 from the middle-income M40 group will also qualify for the subsidy with ‘Kad 95’ card system, he said.
Meanwhile, Chong also said a bulk subsidy scheme would be implemented in the case of Labuan, Sabah and Sarawak, with the cost of RON95 not exceeding RM2.08.
‘The is after the government took into account the needs of the people who mostly use vehicles with large-capacity engines and diesel,” he said.
On the control of prices of goods following RON95 float, Chong said his ministry would use the Price Control Act 1946 to ensure businesses do not take advantage of the float to reap excessive profits. - Mkini
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