The reduction in the ICPT surcharge rate is expected to lower the price of goods, said Anwar

BUTTERWORTH: The reduction in the Unbalanced Cost Relief (ICPT) surcharge rate for commercial and industrial users is expected to lower the price of goods, said Prime Minister, Datuk Seri Anwar Ibrahim.

Bernama reported, he said, the government agreed to lower the ICPT surcharge rate for large companies with the intention that they can help in efforts to reduce the price of goods.

“We will monitor whether the reduction in electricity rates will have the effect of lowering the price of goods,” he said in a press conference.

He said the Federal government implements targeted electricity subsidies with the main condition that it will not affect the interests of the majority of Malaysians.

The Ministry of Energy Transition and Water Transformation (PETRA) in a statement yesterday announced that there will be no increase in electricity tariffs for all electricity users in the Peninsula from July 1 to December 31.

The statement announced a reduction in the surcharge of 1 sen/kWh to the street lighting category (tariff G and G1) under the supervision of the Local Authority (PBT), while commercial and industrial users will also experience a reduction in the ICPT surcharge rate of 1 sen/kWh, for the period same

Earlier, Anwar chaired the Penang Bumiputera Development Council Meeting at The Light Hotel, here.

Anwar said the meeting, which lasted for about two hours starting at 5.50pm, discussed issues involving Malays and Bumiputeras in Penang, as well as programs that could be organized to help them.

Also present were Deputy Chief Minister I Datuk Dr Mohammad Abdul Hamid and Chairman of the State Trade, Entrepreneurship and Rural Development Committee, Rashidi Zinol.