New fuel subsidy scheme to be announced Wednesday

Eddy said: You know what I gonna do? Pump petrol first thing in the Tue morning and last thing in the Tue night. And maybe again in the Wed morning, :p

New fuel subsidy scheme to be announced Wednesday
BY IZATUN SHARI


KUALA LUMPUR: A new fuel subsidy scheme will be announced Wednesday and take immediate effect to prevent speculations.

Prime Minister Datuk Seri Abdullah Ahmad Badawi said the anti-inflation committee will decide Tuesday on the various proposals by the Cabinet.

He was speaking to reporters Monday after chairing the national small-and-medium enterprise development council at Bank Negara here.

Abdullah was asked to confirm an announcement made by Domestic Trade and Consumer Affairs Minister Datuk Shahrir Abdul Samad that a new fuel subsidy scheme would most probably implemented in August.

Abdullah said: “He said might be. As far as the subsidy management scheme is concerned, the final decision will be made on Wednesday.

“It was to be decided last Friday but it so happened that many of the ministers (involved) were attending conferences overseas. We wanted all to be present to make the decision.”

Asked whether the announcement would take effect immediately, he said: “We want it to be effective immediately. If not, there will be a lot of speculation.”

He did not disclose what the new subsidy scheme would involve.

Earlier at Parliament, Shahrir said any change in the subsidy scheme might result in a rise in petrol and diesel prices.

He said the scheme might be changed in August as stated by Second Finance Minister Tan Sri Nor Mohamed Yakcop earlier.

"It will happen. Petrol will increase," he said at the lobby of Dewan Negara on Monday. However, he said Malaysians would still enjoy subsidies but it would be given based on need and not on usage currently.