|78 sen more for fuel|
|Jun 4, 08 4:55pm|
The fuel price will see an increase of 78 sen by August - a massive jump from RM1.92 per litre currently to RM2.70, Prime Minister Abdullah Ahmad Badawi is expected to announce today.
The premier's press conference on the matter is expected to start at his office in Putrajaya as soon as Abdullah arrives.
The exact date for the new price scheme is still unknown.
This is among government measures to cut the spiralling bill for petrol, diesel and gas subsidies, which is expected to amount to RM56 billion this year.
To offset the fuel price increase, the government is to offer rebates to motorists.
It is learnt that the rebate will be paid when motorists renew the road-tax for their vehicles.
Cash for motorcyclists, small-car owners Jun 4, 08 2:04pm Ahead of an official announcement on the proposed lifting of fuel subsidies by Prime Minister Ahmad Abdullah Badawi, several measures were leaked out after a morning briefing with mainstream media organisations.
According to NST Online, which quoted a source from the cabinet committee on inflation which met yesterday, the government is likely to unveil the following measures:
The decision of the cabinet, which met this morning, will be announced at 5pm at a press conference in Prime Minister’s Department.
According to Domestic Trade and Consumer Minister Shahrir Samad, the government has set the goal of raising the pump price to market levels by August.
Malaysia is moving to cut the spiraling bill for its extensive petrol, diesel and gas subsidies, which is expected to cost RM56 billion this year.
Currently petrol sells for about RM1.92 a litre, among the cheapest in the region.
If petrol is to be sold at full market prices, it could be as high as almost RM4 a litre - about 100 percent above current levels.
[More to follow]