Finance minister II Amir Hamzah Azizan said the economy ministry needs time to properly identify the wealthiest 15% of the population before the T15-income bracket is announced.

“We hope the economy ministry will finalise this matter soon,” he said in an Utusan Malaysia report.

“It is essential that the T15-income bracket be defined with proper insight and supported by accurate data.

“We do not want to rush into it as we don’t want to make mistakes,” he said after an event at a community centre in Bukit Jalil, Kuala Lumpur.

It was previously reported that the government was working on a two-tier price system for RON95 fuel so that the wealthiest 15% pay the market rate while the remaining 85% enjoy the current subsidised price.

The move is expected to save the government RM8 billion a year.

Last December, economy minister Rafizi Ramli said the government will announce the T15-income classification, which will identify those to be excluded from targeted subsidies, by the first quarter of 2025.

He also said the T15-income group would likely be determined based on net disposable income and locality.