尝将冷眼观螃蟹看你横行得几时
"ELEPHANT IN THE ROOM"- Number of diesel vehicles increase 6.3%, Diesel Subsidy INCREASE BY 921% !!!
paperplane
Publish date: Tue, 11 Jun 2024, 01:57 PM
Maybank release the latest assessment on fuel subsidy- "Malaysia’s Fiscal Reforms – Tracking the Progress"
Some of the facts are in fact shocking!! Look at charts below:
Fuel subsidy rationalization is one of the key fiscal strategies to realise the targets in 12MP MTR and MADANI Economy – and legislated by FRA - to lower budget deficit, as per Budget 2024 (-4.3% of GDP vs -5.0% of GDP in 2023), the Medium-Term Fiscal Framework (2024-2026 average: -3.5% of GDP), and ultimately capping deficit spending to no more than -3.0% of GDP under FRA and MADANI Economy in the medium to long term. This is on top of FRA’s target to lower total Government’s total debt to 60% of GDP in 3-5 years’ time (end-1Q 2024: 62.6%; end-2023: 64.3%).
Targeted diesel subsidy rationalization essentially aims to deal with leakages in blanket diesel subsidy system, and exclude the high-income groups and foreigners. The leakages in diesel subsidy - due to smuggling and misappropriation following the arbitrage opportunity from the gap between subsidized diesel price of MYR2.15 per litre and the unsubsidized diesel price (MYR3.50 per litre at end-May 20243) - is reported to be MYR4.5m per day or MYR1.65b per year. Figure 14-15 show the disparity between the number of diesel vehicles and the amount of diesel consumption and diesel subsidy.
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Anyone still want to argue reducing subsidy is not good should fork out own money, put back the hole here. Dont talk for fun only. Now only all know SG bus come in also use all our subsidised diesel leh, somemore want to charge their fees higher for SG people. KNS, all these years use our subsidised money to come here travel and say we cheap cheap, must charge SG ppl kao kao next time.
1 week ago
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paperplane
From Finance Minister:
The MoF had announced that diesel retail price in Peninsular Malaysia will be adjusted to the current market price of RM3.35 per litre from 10 June 2024.
Aside from ensuring financial sustainability for the country, the main intention of rationalising the diesel subsidy is to address the widespread issue of illegal smuggling and misappropriation of subsidised diesel.
This is a pivotal economic reform measure that will contribute to raising the ceiling to create more fiscal space under the Ekonomi MADANI framework. It is expected to generate approximately RM4 billion in savings that will go towards raising the floor initiatives to improve the quality of life for the rakyat through investments into sectors such as public infrastructure, health care, and education.
To ensure that the subsidy rationalisation has minimal adverse impact on the rakyat, the government has vested considerable time to identify Malaysians who would be most affected by it, and ensured that the mechanism to deliver targeted subsidies to these groups is in good form.
This includes vehicles for basic public services under the Sistem Kawalan Diesel bersubsidi (SKDS) 1.0; logistics and transportation vehicles under SKDS 2.0 to control price inflation of every day goods; BUDI MADANI Individu for Malaysians who earn under RM100k per annum; and BUDI MADANI Agri-Komoditi to protect Malaysian farmers and commodity small holders.
Through this detailed and targeted exercise, we aim to deliver subsidies in the most appropriate form to those who truly deserve it.
It has been months of hard work together with the Kementerian Perdagangan Dalam Negeri dan Kos Sara Hidup (KPDN), Kementerian Pertanian dan Keterjaminan Makanan (KPKM) dan Kementerian Perladangan dan Komoditi (KPK). An all-of-government effort to bring us another step closer to achieving our long-term targets under the Ekonomi MADANI plan.
3 weeks ago