Petrol Subsidy For B40s Confirmed, RON95 Price Will Float Weekly

by Jacie Tan

Personal Finance News

Petrol Subsidy For B40s Confirmed, RON95 Price Will Float Weekly

Domestic Trade and Consumer Affairs Minister Saifuddin Nasution Ismail has finally announced the new petrol subsidy scheme. The subsidy programme, which is targeted at the lower-income B40 income group, will begin next year on 1 January 2020.

Eligible car owners will receive a subsidy of RM30 per month whereas motorcycle owners will receive RM12 per month. Only those who live in Peninsular Malaysia and are currently receiving the Bantuan Sara Hidup (BSH) cost of living aid will be eligible for the targeted subsidy. In addition to that, the recipients' vehicles must match the following criteria:

  • Cars with an engine capacity of 1,600cc and below
  • Cars with an engine capacity over 1,600cc but 10 years and older
  • Motorcycles with an engine capacity of 150cc and below
  • Motorcycles with an engine capacity over 150cc but 7 years and older

The petrol subsidy will be automatically credited into the eligible recipient’s bank account every four months starting 1 January. An estimated 2.9 million recipients are expected to benefit from the scheme. Meanwhile, the price of RON95 in Peninsular Malaysia will be floated, with price adjustments to be made in gradual stages.

You can check your eligibility for the targeted fuel subsidy on the Ministry of Domestic Trade and Consumer Affairs website from 15 October onwards. Contrary to what the Deputy Domestic Trade and Consumer Affairs Minister said to Sin Chew Daily last week, electricity bills will not play a part in determining eligibility for the subsidy.

(Source: The Star)