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PUTRAJAYA: Prime Minister Datuk Seri Anwar Ibrahim announced that the savings from targeted diesel subsidies will be redirected to the people, particularly through improved public transportation and the Rahmah Cash Contribution (STR).

Acknowledging that the targeted subsidy is not a popular move, Anwar, who is also the Finance Minister, stated that the measure would result in savings of RM4 billion annually and has undergone thorough research at numerous levels before being implemented.

“The savings (from targeted diesel subsidies) will support public transportation needs.

“Imagine the STR for nine million recipients of direct cash subsidy, which amounts to RM10 billion. The funds from the targeted subsidy are not for increasing ministerial allowances or other interests; I focus on assisting the people,“ he said during a gathering of Ministry of Finance staff here today.

The price of diesel at all retail stations in the Peninsula was set at RM3.35 per litre starting yesterday (June 10), which is the unsubsidised market price based on the average for May 2024 according to the Automatic Price Mechanism formula.