The government will announce the timeline for the rationalisation of diesel subsidies when it is ready as it wants to avoid speculative inflation, says Rafizi Ramli.
The Economy Minister said one of the main considerations for the diesel subsidy rationalisation is the sequencing, which is key in maintaining the balance between wage growth, putting money in the public’s pockets and inflation.
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The Economy Minister said one of the main considerations for the diesel subsidy rationalisation is the sequencing, which is key in maintaining the balance between wage growth, putting money in the public’s pockets and inflation.
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NewsTranscript
00:00 Do you have any updates on the actualisation of the busing subsidy?
00:07 Wait for the government announcement.
00:13 I've mentioned many times that one of the careful considerations that we really have to handle is the sequencing.
00:26 Sequencing is very key to maintaining this balance between wage growth, putting more money into the public's pocket, inflation.
00:36 That's why we keep it very close to our chest because it's precisely about sequencing.
00:42 It's quite obvious that a lot of work and discussion and coordination has been done.
00:52 The final decision as to the best sequencing will be decided by the government.
00:58 We are not at that stage yet.
01:00 What is the government's decision on sequencing?
01:03 The government is currently waiting for the government's decision on sequencing.
01:13 Our plan with PADU is to ensure that there is data availability so that when we want to implement any decisions made by the government, the data is already available.
01:31 This is the stage that PADU is now.
01:34 The data is ready.
01:36 The analytics are ready.
01:39 It depends on the government's decision on the mechanism, the sequence, when and so on.
01:45 It has been submitted to the cabinet.
01:48 We have to ask the cabinet.
01:53 I think it's best that we keep the sequencing close to our chest.
01:59 Because I think the media knows as well, we are trying to avoid speculative inflation.
02:10 If the government's sequencing, the government's schedule and decisions are not properly followed by the government, it can be taken advantage of by certain groups that are increasing prices and profiteering.
02:36 The guessing game is to really manage the balance on how the market and how society behaves towards it.
02:47 The best is to get everything ready, especially when it comes to data.
02:55 And when the government feels that the appropriate timing and mechanism has been decided, then it will happen.
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