Malaysia cuts diesel subsidies to curb spending

3 months ago 5

By AFP

09 June 2024 | 2:54 p.m.

Malaysia volition extremity broad subsidies for diesel starting Monday to chopped authorities spending and curb substance smuggling

Malaysia volition extremity broad subsidies for diesel starting Monday to chopped authorities spending and curb substance smuggling into neighbouring countries, a authorities authoritative said.

Diesel prices successful Malaysia are among the lowest successful Southeast Asia, and smugglers often bargain the subsidised substance to resell astatine higher prices successful neighbouring countries specified arsenic Thailand.

But from Monday, “diesel prices astatine each petrol stations successful (Malaysia) volition beryllium acceptable astatine 3.35 ringgit ($0.71) per litre, which is the marketplace terms without subsidy,” 2nd concern curate Amir Hamzah Azizan told reporters Sunday.

“We are doing this due to the fact that the leakages (of subsidised diesel) crossed our borders is huge,” helium said.

The caller terms volition beryllium 55.8 percent higher than the subsidised outgo and is expected to prevention the authorities 4 cardinal ringgit ($852.8 million) annually, according to the concern ministry’s data.

Diesel for low-income groups, including fishermen and farmers, arsenic good arsenic for the usage of schoolhouse buses and ambulances, volition proceed to beryllium subsidised, Amir Hamzah said, adding that the caller program would not pb to an “escalation of prices”.

Analyst Oh Ei Sun from the Pacific Research Center of Malaysia told AFP that the “financial concern indispensable beryllium rather urgent for this authorities to follow specified an unpopular measure”.

Malaysia besides subsidises different commodities including cooking lipid and rice, but rising prices person pushed up expenses and wounded the government’s budget.

Malaysia is expected to walk 52.8 cardinal ringgit connected subsidies and societal assistance this year, down from astir 64.2 cardinal successful 2023, based connected its 2024 budget.

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Malaysia volition extremity broad subsidies for diesel starting Monday to chopped authorities spending and curb substance smuggling

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