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Tee Yong: Consumers will benefit from fuel subsidy removal

[ 24-11-2014 ]
Tee Yong: Consumers will benefit from fuel subsidy removal
Chua Tee Yong (second from right) after launching a GST registration roadshow in Johor Baru.

Chua Tee Yong (second from right) after launching a GST registration roadshow in Johor Bahru.

JOHOR BARU:  Consumers will benefit from the Government's decision to float prices of RON95 petrol and diesel due to the downward spiral in global fuel prices, said Datuk Chua Tee Yong.

The Deputy Finance Minister said the Government had been looking at ways to ensure targeted groups enjoy subsidised petrol if oil prices continued to decline.

"We do not want to impose levies or taxes on RON95 petrol and diesel due to the downward trend of oil prices as it will burden the people,'' he said.

Chua said this in a press conference at the launch of the Goods and Services Tax (GST) road show held at Sutera Mall shopping complex here on Saturday.

On the soon-to-be-imposed Goods and Service Tax (GST), Chua, who is also MCA vice president, said that as of Nov 21, a total of 158,700 companies had registered for the new tax scheme.

He added that the Ministry was confident that more than 200,000 companies would register for GST before the deadline on Dec 31.

"On the average, about 2,500 companies register for GST daily and we can expect to number to rise as the deadline approaches,'' said Chua.

He said briefing sessions by business groups, the Customs Department, and Ministers had helped the public have a better understanding on the new tax regime.

It was reported that all subsidies for RON95 petrol and diesel will be stopped beginning Dec 1.

The retail prices for RON95 petrol and diesel will be fixed according to a managed float, similar to the mechanism dictating the RON97 petrol price.

Prices of RON95 petrol and diesel were last increased by 20 sen on Oct 2.

On Wednesday, a 20 sen drop in the RON97 petrol price was announced, bringing it to RM2.55, just 25 sen more that the current subsidised RON95 petrol price of RM2.30.