MoF issues RFP for new targeted petrol subsidy system, says Saifuddin Nasution

KUALA LUMPUR (Nov 22): The Ministry of Finance has issued a Request for Proposal (RFP) for the implementation of a new targeted petrol subsidy system, according to Domestic Trade and Consumer Affairs Minister Datuk Seri Saifuddin Nasution Ismail.

During Minister's Question time at Dewan Rakyat today, Saifuddin said the ministry has gathered feedback from various parties including associations, consumers, and petrol station operators, and is optimistic to be able to roll out the new system in stages by the second half of 2019.

"We want to ensure the new system [is] seamless, so the implementation is smooth. It has to be scalable, so we can use this mechanism for other targeted subsidies apart from just petrol," he said.

Saifuddin was responding to Merbok member of Parliament Nor Azrina Surip, who requested the Domestic Trade and Consumer Affairs Ministry to provide an update on the implementation of targeted petrol subsidy announced in Budget 2019.

Under Budget 2019, cars with engine sizes below 1,500cc are entitled to a subsidy of 30 sen per litre for 100 litre of RON95 petrol.

Saifuddin also said currently, Malaysia consume 1.2 billion litre of petrol every month, 90% of which is RON95. — theedgemarkets.com

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