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Minister: Fuel subsidy savings to be ploughed back
by Cals Tue 03 Sep 2013, 14:45
Minister: Fuel subsidy savings to be ploughed back
Business & Markets 2013
Written by Bernama
Tuesday, 03 September 2013 14:07
PETALING JAYA (Sept 3): The RM3.3 billion savings from the reduction of fuel subsidies will be ploughed back into the rakyat's interest, such as the 1Malaysia People's Aid (BR1M) and infrastructure projects, Minister in the Prime Minister's Department Datuk Seri Abdul Wahid Omar said.
He said the move is a holistic approach to manage fiscal deficit and distribute subsidies to targeted groups.
"Instead of subsidising those who don't need it and foreigners, we provide directly to those who deserve the subsidies," he told reporters here today.
Abdul Wahid said the move is a process to strengthen the economy, aimed at giving a positive impact to the well-being of the rakyat in this changing global economic environment.
Prime Minister Datuk Seri Najib Tun Razak yesterday announced an increase in the price of RON95 petrol and diesel of 20 sen per litre, effective Sept 3.
The government spends RM24 billion subsidising fuel every year, Abdul Wahid said.
Business & Markets 2013
Written by Bernama
Tuesday, 03 September 2013 14:07
PETALING JAYA (Sept 3): The RM3.3 billion savings from the reduction of fuel subsidies will be ploughed back into the rakyat's interest, such as the 1Malaysia People's Aid (BR1M) and infrastructure projects, Minister in the Prime Minister's Department Datuk Seri Abdul Wahid Omar said.
He said the move is a holistic approach to manage fiscal deficit and distribute subsidies to targeted groups.
"Instead of subsidising those who don't need it and foreigners, we provide directly to those who deserve the subsidies," he told reporters here today.
Abdul Wahid said the move is a process to strengthen the economy, aimed at giving a positive impact to the well-being of the rakyat in this changing global economic environment.
Prime Minister Datuk Seri Najib Tun Razak yesterday announced an increase in the price of RON95 petrol and diesel of 20 sen per litre, effective Sept 3.
The government spends RM24 billion subsidising fuel every year, Abdul Wahid said.
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