Finance Ministry says will stomach RM5.8b to keep power tariff at current rate despite higher costs

KUALA LUMPUR, Aug 27 — The Ministry of Finance today announced that there will be no increase in electricity tariffs despite a hike in production costs.

“The government will pay the RM5.8 billion to TNB to make sure TNB is not adversely affected by the sharp surge in energy prices for power generation in line with the Incentive Based Regulation,” the ministry said in a statement. “As such, the government will have to pay RM5.8 billion in electricity subsidies so that it could benefit all members ofKeluarga Malaysia

Pundits described the decision as an attempt to quell public discontent with rising prices ahead of the general election.

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