New: Govt Ready to Absorb Up to RM45bil Fuel Subsidy Bill to Shield Malaysians

MELAKA, Oct 24 — The government is prepared to absorb an increase in fuel subsidy costs estimated at between RM42 billion and RM45 billion annually following the surge in global crude oil prices, Prime Minister Datuk Seri Anwar Ibrahim said.

He said Putrajaya remains committed to maintaining the price of RON95 petrol at RM1.99 per litre despite international crude oil prices reaching between US$120 and US$130 per barrel.

According to Anwar, the decision is aimed at protecting Malaysians, particularly low and middle-income groups, from the impact of rising fuel prices and living costs.

Fuel Subsidy

“If we raise fuel prices according to market rates, people may have to pay an additional RM2, RM3 or even RM5 a day. For families who use their vehicles daily to work or send their children to school, the additional burden could reach RM10 a day,” he said.

Speaking at the Sentuhan Kasih MADANI Programme and the launch of the National Cost of Living Action Plan 2030 at the Hang Jebat Sports Complex in Krubong, Anwar said it was better for the government to bear the higher subsidy cost than to place further pressure on ordinary Malaysians.

He reiterated that the government’s priority remains safeguarding the welfare of the people amid volatile global energy prices.

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