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PUTRAJAYA: The price of diesel at all retail stations in the Peninsula is set at RM3.35 per litre effective 12.01 am on Monday (June 10), which is the unsubsidised market price based on the May 2024 average according to the Automatic Pricing Mechanism formula.

Finance Minister II Datuk Seri Amir Hamzah Azizan said the fixed price and implementation of targeted diesel subsidy would see the government save RM4 billion per year, besides strengthening the country's financial position in the long run.

"The targeted subsidy decision (by the government) is not an easy step, but one that has been given particlar attention.

"We want to curb the leakages, which have resulted in a loss for the people and the country. We have suffered huge losses yearly and that can impede the country's economy,” he told a media conference here today.

Prime Minister Datuk Seri Anwar Ibrahim, in his National Address on May 21, stated the Cabinet had agreed to implement the targeted subsidy for diesel, thus saving the government about RM4 billion annually.

However, the targeted subsidy does not affect consumers in Sabah and Sarawak.