KUALA LUMPUR: Diesel fuel prices in much of Malaysia are set to rise by roughly 50 per cent on Monday (Jun 10) as the government begins shifting away from costly blanket subsidies to a targeted approach that mainly helps the needy.
A general view of city skyline including Malaysia's landmark Petronas Twin Towers in Kuala Lumpur, Malaysia, on Feb 3, 2023. KUALA LUMPUR: Diesel fuel prices in much of Malaysia are set to rise by roughly 50 per cent on Monday as the government begins shifting away from costly blanket subsidies to a targeted approach that mainly helps the needy.
Its diesel subsidy bill alone has risen 10-fold from 1.4 billion ringgit in 2019 to 14.3 billion ringgit in 2023.this year is expected to save about 4 billion ringgit annually, with the savings expected to be re-directed to low-income groups. The retail price of diesel fuel will rise to 3.35 ringgit per litre starting at midnight at all petrol stations across Peninsular Malaysia, the ministry said.
Lower diesel prices have also been set for fishermen and land public transport vehicles such as school buses and ambulances, the ministry said.
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