Diesel Prices Surge By Over 50% In THIS Country

Diesel prices in Malaysia surged by over 50% on Monday as part of a major overhaul of the country's fuel subsidies. The restructuring aims to cut government expenditure and save billions of ringgits annually by eliminating blanket energy subsidies and redirecting support to those in need. This reform is central to Prime Minister Anwar Ibrahim's economic agenda, aimed at fostering a sustainable economy and reducing fuel smuggling.
Diesel Costs Skyrocket In Malaysia

Diesel Costs Skyrocket In Malaysia (Image Source: iStockphoto)

Diesel prices in Malaysia surged by over 50% on Monday, marking a significant shift in the country’s approach to fuel subsidies. This move is part of a broader strategy to overhaul long-standing subsidies, aiming to tighten government expenditure and save billions of ringgits annually.
According to the AP report, the restructuring, which eliminates blanket energy subsidies, redirects financial support to those in need. These reforms are a key component of Prime Minister Anwar Ibrahim's economic agenda, designed to foster a more sustainable economy and curb losses from smuggling subsidized fuel to neighboring countries.
Anwar, who assumed office in 2022, acknowledged the bold yet risky nature of this decision, particularly as it may provoke discontent among working-class voters grappling with rising living costs. He announced the reduction in fuel subsidies last month, providing lower-income groups with time to adjust to the changes.
“All prime ministers before this had agreed on the targeted subsidy, but there was no political will to implement it because of the risks involved. However, to save the country, we have no choice,” Anwar, who also serves as Finance Minister, was quoted as saying by the national Bernama news agency.
The report added that the government intends to eventually extend these subsidy cuts to gasoline. Malaysia has long subsidized essentials such as fuel, cooking oil, and rice, but this policy has placed significant strain on national finances.
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