Fuel subsidies in Malaysia to be abolished
Fuel subsidies in Malaysia to be abolished
The Malaysian government will abolish fuel subsidies starting December 1.
The brief report cited Minister of Domestic Trade, Cooperatives and Consumerism Datuk Hasan Malek as saying that prices of RON95 petrol and diesel will be managed according to a managed float, presumably similar to the current pricing structure used for RON 97 petrol.
Fuel prices will be set based on the average of global oil prices in the preceding month.
The news daily quoted Hasan as saying, ”As for Dec 1 prices, we will calculate the average from Nov 20 to Nov 30.”
With the current downtrend in crude oil prices, the revised price may not necessarily be higher, but it is still too soon to say.
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