Rafizi said the ministry already have a date in mind and an announcement would be made “when the time comes”.

“Sometimes when you reveal your plans too early, that’s when the hoarding will begin.

“They will quickly stock up because they know that in two to three months, the price will increase,” he told reporters after launching the Oil & Gas Services and Equipment survey here.

Rafizi also said when a date is announced, there would also be an increase in diesel smuggling.

In February, domestic trade and cost of living minister Armizan Mohd Ali revealed that three million litres of diesel are smuggled out of the country every day, resulting in daily losses of RM4.5 million.

On May 21, Prime Minister Anwar Ibrahim said the government is expected to save around RM4 billion a year with targeted diesel subsidies.

The subsidy will involve 10 types of public transport vehicles and 23 types of goods transportation vehicles.

Armizan had previously said that only vehicles that provide important primary services to the public deserve to benefit from diesel subsidies.

He said Putrajaya did not want the implementation of targeted diesel subsidies in the peninsula to affect citizens dependent on daily goods and services.