Fuel prices is a sensitive issue in Malaysia and for the time being there is no mechanism on setting the fuel price. However the fuel subsidy management mechanism system should be ready by early next year.Read the full news from Bernama below.
FUEL SUBSIDY MANAGEMENT MECHANISM TO BE INTRODUCED EARLY NEXT YEAR
KUALA LUMPUR, — The Domestic Trade, Cooperative and Consumerism Ministry will announce the fuel subsidy management mechanism system early next year at the latest.
Its minister Datuk Seri Ismail Sabri Yaakob said the announcement will be made after the ministry has completed study on the best way to give the subsidy and identify the group that really needs the subsidy.
“The targeted group is being determined, who and how, we will announce soon, maybe next year, maybe by the end of this year,” he told reporters in the lobby of Parliament here Monday.
Ismail Sabri was commenting on the announcement by Prime Minister Datuk Seri Najib Tun Razak on the fuel subsidy management system that will be implemented early next year to ensure that only the targeted group benefitted when tabling the 2010 Budget on Oct 23.
Najib said the approach of giving subsidy only to targeted groups will also be used for other commodities.
Ismail Sabri said presently the subsidy was being enjoyed by almost all Malaysians irrespective of being rich or poor.
“At this time the subsidy is given all, even Thais can buy fuel cheap at Rantau Panjang, anyone in Malaysia, be they foreigners, the rich also get the subsidy.
“So this means the government is spending a lot but not for the targeted group that really should get it,” he said.
While tabling the 2010 Budget, Najib said the government will implement the fuel subsidy mangement system early next year using the MyKad and existing infrastructure.