PM announces a plan to ensure oil supply continuity amid Middle East conflict and closure of Strait of Hormuz. Minister reveals temporary downgrade of RON95 subsidy due to global uncertainties.
PETALING JAYA: Putrajaya will finalise the rationalisation of fuel subsidies , particularly targeting higher-income earners soon, says Prime Minister Datuk Seri Anwar Ibrahim. He said a paper on the matter, prepared by the Crisis Management Task Force headed by Tan Sri Hassan Marican under the National Economic Action Council , was tabled a month ago.
“However, we have yet to decide whether the T20, T15, T10 or T5 , as we do not want it to impact the upper middle class. “In principle, we agree and they are working to finalise it soon,” he told reporters after a meet-and-greet session with Indian undergraduates at Universiti Malaya.
Anwar was responding to a call from Umno Youth chief Datuk Dr Muhamad Akmal Saleh for a more comprehensive rationalisation of fuel subsidies, particularly involving the RON95 petrol subsidy for the T20 group. Akmal had said subsidies should be better targeted towards the B40 and M40 groups, who are more affected by the rising cost of living, and that such measures were necessary to strengthen the country’s fiscal position amid global uncertainties.
In September last year, the government introduced the targeted RON95 subsidy , where eligible Malaysians are entitled to a quota of up to 300 litres a month at the price of RM1.99 per litre. Starting April 1, the subsidised RON95 petrol initiative was reduced to 200 litres as part of a temporary measure to guarantee supply and manage demand prudently due to the ongoing Middle East conflict.
On Saturday, Economy Minister Akmal Nasrullah Mohd Nasir said the Prime Minister is expected to announce, some time this month, a plan to ensure oil supply continuity as a result of global supply uncertainties arising from the Middle East conflict and the closure of the Strait of Hormuz. The plan is expected to focus on ensuring that the domestic oil supply remains sufficient to support the country’s continued economic activities.
Meanwhile, when addressing the students, Anwar said the younger generation must reject narrow racial sentiments, as such attitudes could undermine national unity and stability. He cautioned that racial rhetoric remains deeply entrenched in political discourse, often complicating national conversations.
“If I say something in the interest of the Indians, for example, there will be certain factions of extremist Malays who will relentlessly attack me on social media,” he said. Anwar also cautioned against the rise of extremist politics globally, urging Malaysians not to underestimate its impact.
Fuel Subsidies Target Higher-Income Earners Middle East Conflict Strait Of Hormuz RON95 Subsidy Fiscal Position Rising Cost Of Living Stronger Fiscal Position Global Uncertainties Economic Action Council National Economic Action Council Crisis Management Task Force Crisis Management Task Force Economic Action Council Mtien National Economic Action Council Mtien Crisis Management Task Force Head
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