The government has saved RM800 million since the Budi Madani RON 95 (Budi95) program started on September 30. Prime Minister Datuk Seri Anwar Ibrahim said this was to ensure that only Malaysians could benefit from fuel subsidies, with the program effectively reducing leakages that previously also benefited more than 3.5 million foreigners from fuel smuggling.
He said every ringgit saved from the targeted fuel subsidies will be returned to the people through initiatives such as the Rahmah Cash Contribution (STR) and the Rahmah Basic Contribution (Sara), in addition to upgrading clinics and hospitals, improving roads and strengthening infrastructure, such as Named reports.
As previously reported, 13.9 million of the 16.55 million eligible Malaysians (84%) purchased 2.59 billion liters of RON 95 petrol at the subsidized RM1.99 per liter (RM5.16 billion in total) since the start of the program until Nov 30.
Earlier this month, it was also indicated that the government is expected to generate about RM2.5 billion to RM4 billion per year depending on global oil prices, based on domestic consumption survey data ahead of the introduction of Budi95. The annual savings should be well in line with expectations, based on the amount reported for the two-month period.
Under the programme, all Malaysian MyKad holders aged 16 years and above with a valid driver’s license are eligible to purchase up to 300 liters of RON 95 subsidized fuel per month at RM1.99 per litre, compared to the price of the fuel at the weekly market rate without subsidy, which currently stands at RM2.62 per liter for the week of December 18 to 24.
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