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FMM welcomes Putrajaya’s decision to absorb cost of fuel price amounting to RM5.8 bln

FMM In The News: BORNEO POST ONLINE, KUCHING, Sunday, June 26, 2022 - The Federation of Malaysian Manufacturers (FMM) welcomes the government’s decision to absorb the cost of fuel price amounting to RM5.8 billion during this challenging time.

President Tan Sri Soh Thian Lai said FMM is glad to note that the government had decided not to pass through a higher surcharge rate to consumers despite the sharp increase in fuel and other electricity generation costs.

“FMM is pleased that the government has positively considered its call for assistance to help curb one of the industries’ major operational input costs, for instance, energy cost.

“The government’s decision to absorb the cost of fuel price which amounts to RM5.8 billion and hence maintain the Imbalance Cost Pass-Through (ICPT) surcharge at the current rate as well as to maintain the current water tariff would ease the cost management of utilities during this challenging period,” he said in a statement yesterday.

Soh said FMM hoped that the government would continue to engage the industry should there be any potential higher ICPT surcharge in the future given the uncertainty in the global market and volatility of energy prices

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