Targeted fuel subsidy likely, says Minister, Autos Newd, Autos News

KUALA LUMPUR: The government is likely to introduce a targeted fuel subsidy mechanism, especially for the lower income group, to cushion the impact of rising crude oil prices.

Economic Affairs Minister Mustapa Mohamed said the government was still working on a suitable structure and expected it to be completed soon.

He also noted that the finance ministry was currently looking at whether the government was able to bear the subsidy as prices for RON95 petrol and diesel remained for the time being.

“Those who can afford should pay more and the people who do not deserve (the subsidy) should not be given it at all

“Subsidies are meant for the poor, particularly the B40. The issue is timing,” he said during a programme on Bernama TV today.

Mustapa said fuel subsidies had played an important role in moderating price increases to between 2% and 3% for the last 10 to 20 years.

“However, it will be a big strain on the budget. When we outlined our budget last year, the estimate was about RM5 billion in subsidies.

“Now the estimate is somewhere around RM30bil, representing a six-fold increase in subsidies,” he added.

Mustapa said oil subsidies involved four items – RON95 petrol, diesel, liquefied natural gas and cooking oil.

He added that the rise in crude oil prices had affected the country’s inflation rate, where the consumer price index last month rose by 2.2% to 125.6 against 122.9 in March last year, surpassing the average inflation for the January 2011-March 2022 period, which stood at 1.9%.

“We believe this will be challenging for us moving forward. The impact is mainly on prices. We have not revised our growth projection and we are still sticking to Bank Negara Malaysia’s forecast of 5.3% to 6.3% growth this year.

TECH NEWS RELATED

Study Predicts Both Ford And GM Will Overtake Tesla By 2025

2022 "Car Wars" report forecasts Ford and GM each will have roughly 15% EV market share while Tesla will plummet from 70% to 11%.

View more: Study Predicts Both Ford And GM Will Overtake Tesla By 2025

Gary Anderson on Williams’ Red Bull/Ferrari ‘blend’

Williams has introduced a massive upgrade package at Silverstone on Alex Albon’s car that is visually very different. You could almost call it a B-spec. I would say it’s a blend of how Red Bull and Ferrari have gone about their packaging, but there’s still some carryover of the ...

View more: Gary Anderson on Williams’ Red Bull/Ferrari ‘blend’

Ford Fiesta ST vs Hyundai i20 N vs MINI Cooper S: which should you buy?

Which of these three small hot hatchbacks is best for fun, practicality and driving every day?

View more: Ford Fiesta ST vs Hyundai i20 N vs MINI Cooper S: which should you buy?

Should You Buy the 2022 Nissan Frontier or 2022 Ford Maverick?

Today, finding the proper pickup truck for your specific needs can feel like an impossible task. There are so many options out there, that you may be wondering which is right for you. If you do not need a full-size truck, there are likely two models that you may be ...

View more: Should You Buy the 2022 Nissan Frontier or 2022 Ford Maverick?

Is the Ford Mustang Mach-E a Muscle Car?

The Ford Mustang is one of the most well-known muscle cars of all time, and Ford is making it electric with the Mustang Mach-E. That being said, a name is just a name, and many Mustang fans have continued to wonder if the Mustang Mach-E can really be considered a ...

View more: Is the Ford Mustang Mach-E a Muscle Car?

Hyundai to Discontinue the Veloster N, Other Models

Hyundai recently published a guide for their 2023 lineup, noting the discontinuation of four models– including the Veloster N hatchback. On top of that, Hyundai has also announced the discontinuation of the Accent sedan, and the IONIQ HEV and PHEV hatchbacks. Each one of these models is being given ...

View more: Hyundai to Discontinue the Veloster N, Other Models

Honda ADV160 Scooter Update Officially Unveiled In Indonesia

Small displacement boost, updated styling, and more storage space are just the beginning.

View more: Honda ADV160 Scooter Update Officially Unveiled In Indonesia

Ducati unveils specs on its racing electric motorcycle, CEO calls it ‘historic moment’

Ducati appears to have made quick progress on its electric motorcycle development, especially considering that the program was first unveiled last October. That’s when Ducati announced that it would become the sole supplier of racing electric motorcycles for the FIM MotoE racing series, replacing the current supplier Energica. At ...

View more: Ducati unveils specs on its racing electric motorcycle, CEO calls it ‘historic moment’

Tesla offers free Supercharging to encourage off-peak charging during travels for holidays

How MPGe Works For Electric Cars

Riding shotgun: Goodwood hillclimb in the AMG GT Track Series

Which Used SUVs Under $30,000 Have the Best Fuel Economy?

Custom BMW 3 Series E21 Art Car Has Gargantuan Wing And V8 Engine

2022 F1 British Grand Prix preview

VW's MQB platform is 10 years old

Is the Austin 7 the most important car ever made? | Axon’s Automotive Anorak

1958 Maserati 450S Is A Stunning Racer by Fantuzzi

Ford Bronco Sport vs. Mazda CX-50: Which SUV Do You Want on the Trails?

Chrysler Pacifica Hybrid vs. Toyota Sienna: Hybrid Minivan Showdown!

Elon Musk’s Boring Company Reveals First Passenger Station of Vegas Loop

OTHER TECH NEWS

Top Car News Car News