Latest news with #RM2.50
Borneo Post
14 hours ago
- Automotive
- Borneo Post
Anwar: RON95 petrol to drop to RM1.99 for 18 mln Malaysians under targeted subsidy plan
KUCHING (July 23): The price of RON95 petrol will be reduced to RM1.99 per litre for Malaysians under a newly targeted subsidy mechanism set to be roll out soon, said Prime Minister Datuk Seri Anwar Ibrahim. He explained that this initiative will benefit around 18 million car drivers and motorcyclists, including youths from the age of 16 and gig workers, whereas those who are not eligible such as foreign nationals, would have to pay the unsubsidised market price. 'The government remains committed to restructuring national subsidy spending by ensuring that ordinary Malaysians continue to enjoy subsidies, while curbing leakage to those who are not eligible. 'We are proceeding with our plan to target RON95 petrol subsidies, with full details to be announced by the end of September this year,' he said during a special live broadcast today. Citing the restructuring of electricity tariffs in Peninsular Malaysia which took effect this month, Anwar said some irresponsible parties have claimed that the tariffs have been increased, when in fact 85 per cent of domestic consumers have actually enjoyed a reduction of up to 14 per cent in electricity bills in July 2025 for the same consumption compared to the first half of the year. 'This targeted approach is in line with the government's efforts to optimise national resources for the benefit of the people, and reduce the waste of subsidies,' he said. The Prime Minister revealed that subsidies for RON95 petrol alone have cost the government nearly RM20 billion annually in 2023 and 2024. 'Even with the recent decline in global oil prices, the actual market price of RON95 without subsidy is still around RM2.50 per litre, which is still significantly higher than the subsidised price provided to the rakyat,' he said. RON95 petrol is currently priced at RM2.05 per litre.
The Sun
16 hours ago
- Business
- The Sun
Petrol to cost RM1.99 for Malaysians under targeted subsidy plan
PETALING JAYA: The government will introduce a targeted subsidy for RON95 petrol, which will see the fuel priced at RM1.99 per litre for Malaysians by the end of September, Prime Minister Datuk Seri Anwar Ibrahim announced today. He said the new subsidy system aims to ensure ordinary citizens continue to benefit while preventing misuse by ineligible groups, including foreigners who will pay market rates. 'The government guarantees that the rakyat will not be affected. Instead, the Anwar said this move will benefit about 18 million drivers and motorcyclists, including youth and gig workers. He also highlighted that RON95 subsidies currently cost the government nearly RM20 billion a year. 'Although global oil prices have dropped, the unsubsidised price of RON95 remains around RM2.50 per litre. 'This approach helps reduce wastage and ensures subsidies reach those who truly need them,' he said. At the same time, Anwar confirmed that foreign nationals will have to pay the unsubsidised market price for RON95 petrol.
BusinessToday
2 days ago
- Business
- BusinessToday
Subsidised Cooking Oil Program Marred By Lapses, Says Audit
The Auditor-General's Report 2/2025 revealed widespread weaknesses in the implementation, monitoring and enforcement of the subsidised cooking oil programme under the Ministry of Domestic Trade and Cost of Living (KPDN), citing breaches in regulations and standard operating procedures (SOPs). Among the issues were open sales to all consumer categories, sales exceeding the set limit and non-compliance with the Scheduled Controlled Goods Retail Licence (CSA). The report also flagged violations such as subsidised oil being priced above the RM2.50 ceiling, damaged oil lacking clear SOPs for disposal and the absence of halal certification for several suppliers. 'Existing policies also do not specify that subsidised oil should be distributed only to targeted groups in need, resulting in even foreigners benefiting from the government aid,' the report said. A key finding showed that 55,167kg of subsidised oil was sold to ineligible groups such as eateries, hawkers and NGOs, which violated paragraph 7.3.4(g) of the COSS (Cooking Oil Price Stabilisation Scheme) SOP. It was also revealed that 713,442kg of subsidised cooking oil was sold beyond the permitted limit of three packets per person per transaction, as stated in a ministry directive dated July 21, 2022. The audit highlighted data manipulation among wholesalers and retailers, with a discrepancy involving 13,124kg in stock transaction records. Some subsidised oil was sold between RM2.60 and RM4 per packet, breaching the price control cap. Additionally, 942kg of damaged oil was found stored by two companies intending to sell it to used-oil collectors, while 16 companies were identified repackaging spoiled oil. Nine out of 72 packing firms sampled lacked halal certification and six of them falsely printed halal markings on packaging. The report recommended that KPDN revise and enhance the COSS SOPs periodically, including the management of spoiled oil and stricter halal certification monitoring. It also proposed a clear policy ensuring that only eligible households receive subsidies. A more comprehensive digital system like eCOSS should be adopted for real-time tracking of distribution and sales to reduce data manipulation. Internal audits and cross-verification of sales reports were also advised. The ministry was urged to review existing licensing regulations, including suspending or revoking CSA licences for violations, especially when multiple licences are registered at the same premises. The Auditor-General further recommended KPDN to enforce retail price monitoring aggressively with support from local authorities to uphold the RM2.50 price ceiling and to establish a complete damaged oil management SOP, enforce mandatory halal certification and prosecute false halal labelling under the Trade Descriptions Act 2011. Expanding the subsidy channel via the Sumbangan Asas Rahmah (SARA) programme was also among the suggested improvements. Related
Asia News Network
2 days ago
- Business
- Asia News Network
Greater oversight needed over used cooking oil in Malaysia
July 17, 2025 PETALING JAYA – As more Malaysians turn to selling used cooking oil (UCO) for extra income, stakeholders have raised concerns over how some may exploit this trend by selling new, unused oil as UCO. The government too is tightening oversight of UCO exports to reinforce governance, prevent fraud and maintain Malaysia's credibility as a trusted supplier. UCO collecters say there have been cases where some individuals try to sell new cooking oil under the guise of used oil. ALSO READ: 'We have encountered a few suspicious cases in the past,' said Hillton Lee, co-founder of Recircle, a company that simplifies recycling items, such as UCO, through a digital app. 'Such cases usually come through our customer service touchpoints or directly from collection partners.' In these instances, individuals inquire about buy-back rates and provide information for collection. 'As part of our evaluation process, we request images for verification. Some submissions clearly showed packaged or unused oil, raising immediate red flags,' Lee said. These requests are rejected as they violate industry regulations. 'Attempting to pass off new oil as used undermines the sustainability goals we're working to achieve. We take these matters seriously to ensure the transparency and credibility of the buy-back system,' she said. Subsidised cooking oil is sold at RM2.50 per 1kg packet, which could see some individuals resell it for up to RM3.50 per kilo to UCO collectors. According to the Association of Used Cooking Oil Development Malaysia, UCO is typically sold in bulk to collectors who transport it to depots for pretreatment by licensed companies. After pretreatment, the UCO is sent to biodiesel manufacturers for conversion into biodiesel. The International Sustainability Carbon Certification (ISCC) guidance notes that the degraded properties of UCO makes it particularly suitable for specific biodiesel conversion processes. In contrast, virgin cooking oil is not classified as waste, and its use undermines the sustainability goal of transforming waste into energy. It also competes with the food supply and increases land-use emissions, counteracting the waste-to-energy conversion purpose. Dr Chatichai Chong, Arus Oil's chief marketing officer, noted that UCO generally looks darker and has higher acidity compared to virgin oil. 'However, certain oil grades also have a darker tone,' he said. Arus Oil's main UCO collections come from households, restaurants and processing factories. 'However, we have yet to encounter fraudulent cases ourselves,' Chong said. Arus Oil is licensed under the ISCC, requiring them to declare each point of origin for the used cooking oils. 'We also declare our monthly volume with the Malaysian Palm Oil Board (MPOB),' he added. As part of measures to prevent fraud, government agency MPOB is increasing oversight of UCO exports to strengthen governance. 'The board is reviewing standards and policies to better distinguish UCO from by-products like sludge palm oil (SPO), focusing on export integrity,' said MPOB director-general Datuk Dr Ahmad Parveez Ghulam Kadir. A key initiative is the Sawit Intelligent Management System (SIMS), a digital platform enhancing traceability from collection to export through real-time data logging and source verification. 'It helps detect irregularities and supports enforcement,' Ahmad Parveez said. Exporters must meet international certification standards, such as ISCC or equivalent frameworks. Misuse of subsidised cooking oil, including its diversion into the UCO export stream, is strictly prohibited under MPOB regulations, with offenders facing penalties. When contacted, Deputy Plantation and Commodities Minister Datuk Chan Foong Hin said it is critical to review UCO and SPO policies to avoid discrepancies and meet strict sustainability demands from overseas buyers. He added that MPOB continues to work with other regulators to monitor the industry closely.
The Sun
2 days ago
- Business
- The Sun
Subsidised cooking oil flaws found in KPDN audit report
KUALA LUMPUR: Weaknesses in the implementation, monitoring, and enforcement of Malaysia's subsidised cooking oil programme have been highlighted in the 2025 Auditor-General's Report. The findings, tabled in the Dewan Rakyat, point to regulatory gaps in the Ministry of Domestic Trade and Cost of Living's (KPDN) policies. The report identified multiple issues, including the sale of subsidised cooking oil beyond permitted limits, open sales to ineligible consumers, and non-compliance with retail licensing rules. Prices exceeding the RM2.50 per packet ceiling, lack of halal certification, and improper handling of spoiled oil were also flagged. 'Current policy does not specify that distribution must target eligible groups, allowing foreigners to benefit from subsidies,' the report stated. Auditors found that 55,167 kg of subsidised oil were sold to eateries, restaurants, and NGOs, violating programme guidelines. Further discrepancies included wholesalers and retailers manipulating sales records, with 713,442 kg sold above the three-packet purchase limit. Some retailers charged between RM2.60 and RM4.00 per packet, breaching the controlled price. The audit also uncovered poor management of spoiled cooking oil, with two companies storing 942 kg for resale to used oil traders. Additionally, 16 firms were found repackaging spoiled oil. Among 72 packaging firms sampled, nine lacked halal certification, with six falsely printing halal logos. To address these issues, the report recommended that KPDN strengthen the Cooking Oil Price Stabilisation Scheme (COSS) SOPs, enforce targeted distribution, and adopt digital monitoring via eCOSS. Stricter penalties, including licence revocation for violators, were also suggested. 'KPDN must collaborate with enforcement agencies to ensure compliance with the RM2.50 price cap,' the report urged. The ministry was also advised to develop clear procedures for spoiled oil disposal and make halal certification mandatory for all packaging firms. – Bernama
