KUALA LUMPUR, Dec 14 — Domestic consumers including home users and small and medium-sized enterprises (SMEs) will not be affected by the impending increase in the electricity tariff.

Prime Minister Datuk Seri Anwar Ibrahim said the hike will only affect multinational companies (MNCs).

"We discussed the cost of living issue based on the National Action Council on Cost of Living report and we decided that early suggestions to increase the electricity tariff will not be continued as it will burden the people.

"Although we do admit that if nothing is done, the cost on the country’s finances is quite high as it exceeds RM30 billion a year,” he told a news conference that was live-streamed on his official Facebook page this afternoon.

He added that Natural Resources, Environment and Climate Change Minister Nik Nazmi Nik Ahmad will announce further information on this issue.

The increase for MNCs will be introduced gradually and reasonably so that operations will not be affected, he said.

He said that the current tariffs for MNCs are low and that subsidies should not be given to industry giants which already see high profits.

"But it will not involve the people, SMEs, agricultural companies, or food companies,” he said.

Besides that, he said detailed discussions were held in the Cabinet meeting earlier today on the measures to be taken by the various ministries and departments on issues related to the cost of living.

"The issues that we discussed yesterday too relates to the problem of the irregularities in the marketing infrastructure, at productions sites, and the market,” he said.

He also said that he has already instructed Federal Agricultural Marketing Authority (Fama) to present a full report and to take adequate measures in addressing the matter.

He referred to issues faced by farmers in Cameron Highlands last year, in which they had to dispose of their products due to problems in finding buyers and transporting the products.

"We have an agency entrusted to the task and it has to be more proactive in dealing with the situation,” he said.

In his first address as prime minister, Anwar said that his priority is to tackle the cost of living crisis.