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Saturday, May 21, 2022

BMWs cannot enjoy same fuel subsidy as Kancils, says Azmin


Azmin Ali said the fuel subsidy for this year was expected to jump to RM28 billion, compared to RM11 billion last year. (Bernama pic)

KUALA LUMPUR: The government is planning a targeted fuel subsidy mechanism that is likely to see the rich paying more.

This move is to cushion the country from the impact of rising crude oil prices, said international trade and industry minister Azmin Ali.

He said the fuel subsidy mechanism was meant to benefit the lower-income group.

“We talked about the review at a special retreat recently.

“Those with BMWs cannot enjoy the same subsidies as those driving a Kancil,” Bernama quoted him as saying during a press conference on the trade and investment promotion mission to the US today.

Azmin said the government is still working on a suitable structure following the sharp jump in the fuel subsidy projection for 2022 to RM28 billion, compared to RM11 billion in 2021.

Last month, Petronas Dagangan Bhd disclosed that it had been working closely with the finance ministry on the increase of the fuel subsidy bill amid near-record high prices for crude oil.

Economic affairs minister Mustapa Mohamed also said recently that the government is still working on a suitable structure for the targeted fuel mechanism and this was expected to be completed soon. - FMT

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