Fuel Price May Rise Beginning August, Says Minister Shahrir
"It will happen...petrol prices will increase, I think the idea is in August this year when the subsidy system is re-structured," he said.
The increase in fuel prices is in line with the structuring of the new mechanism for the fuel subsidy scheme enjoyed by the people now.
"There are already several proposals and the mechanism has been submitted to the Finance Ministry and it will be decided in the best manner," he told reporters at the Parliament lobby here.
He said although the fuel price would go up, the petrol subsidy would continue to be enjoyed by the people based on requirement instead of usage.
"If we look at the subsidy that we receive today, it is based on the amount used, if we consume 200 litres per month, we will receive subsidy for each litre that we purchase. If we use only 100 litres, will will also be given the subsidy, so this means there is no restriction to the subsidy that we get based on our usage. (Bernama)
***** Be prepared to tighten your belts further, if you haven't already.