KUALA LUMPUR: The government is expected to implement targeted subsidies for fuel, including RON95 petrol and diesel starting next year.
Domestic Trade and Cost of Living Minister Datuk Seri Salahuddin Ayub said the implementation of the initiatives will start with diesel before moving on to the other types of fuel.
He said the matter was raised during the National Economic Action Council (MTEN) meeting yesterday.
He however did not disclose the mechanism that will be used to carry out the targeted subsidies.
"We have discussed the matter during the MTEN meeting yesterday (Wednesday). We will begin this (move) with diesel. Several ministries including the Domestic Trade and Cost of Living Ministry, Economy Ministry, Finance Ministry, Transport Ministry and the Investment, Trade and Industry Ministry are now completing an integrated database.
"This integrated database will be used for the process of coordinating related data. All agencies and ministries already have their own databases, we just need to syncronise the data and make sure it is effective for its implementation later."
When pressed further for specific timeline for implementation, Salahuddin said:
"This (move) will be done maybe by next year."
He was speaking at the press conference of the launching ceremony of the Malaysia International Franchise Exhibition and Conference (FIM) 2023 at the Kuala Lumpur Convention Centre here, today.
Berita Harian previously reported that targeted subsidies may be introduced in a few months, taking into account the probability that global oil prices will continue to rise to US$100 per barrel.
Last February, Deputy Finance Minister Datuk Seri Ahmad Maslan was reported to have said that the government could save up to RM17 billion if the T20 group did not enjoy petrol, diesel and liquid petroleum gas (LPG) subsidies.
Ahmad explained that the use of the three fuels in the B40 group was only around 24 per cent, while for M40 it was 41 per cent and the T20 group was at 35 per cent, last year.
He said that the government was committed to implementing targeted subsidies to reduce leakages, besides explaining that through this measure, the government would still bear the amount of electricity subsidies worth RM10.8 billion.
Meanwhile, Salahuddin denied the allegation that the supply of local sugar was insufficient, as spread by irresponsible parties.
He explained that the results of an engagement session with the two largest sugar producing companies yesterday, found that the supply of the material was sufficient.
In addition, he said the Finance Ministry, Domestic Trade and Cost of Living Ministry, Investment, Trade and Industry Ministry and the Economy Ministry were currently drafting the direction of the country's sugar supply following the increase in raw materials at the international level.
"Don't listen to the incorrect claims (about the lack of sugar supply), and don't make panic purchases because we are sure that the local supply is sufficient and the people are paying at the set rate.
"Every new product that wants to be presented in any form needs to be approved by the Domstiv Trade and Cost of Living Ministry. Therefore, don't believe in rumours," he said.
In another development, he advised the public not to be deceived by scalpers offering Coldplay concert tickets at prices reaching tens of thousands of ringgit which went viral on social media since yesterday.
"I think our people are smart, don't buy from these scalpers. Buy from authorised agents. The ministry has so far not received any official report on this matter.
"The price of up to RM43,000 for a single ticket is very unreasonable.
"Parties identified as manipulating the price of Coldplay concert tickets can also face punishment in accordance with the provisions of the law under the Consumer Protection Act 1999," he said.
