Malaysia to scrap fuel subsidies from December

Malaysia to scrap fuel subsidies from December

Malaysia will abolish subsidies for petrol and diesel from Dec. 1, the Star online news portal reported on Friday, citing the domestic trade, cooperatives and consumerism minister, Hasan Malek.

Retail prices for RON95 petrol and diesel will be fixed according to a managed float, the Star reported, similar to the mechanism for the price of premium petrol RON97.

Neighbour Indonesia raised subsidised fuel prices by more than 30 percent this week, a move that is expected to save the government of Southeast Asia’s biggest economy more than $8 billion (5.10 billion pound) next year.

 

http://uk.reuters.com/article/2014/11/21/uk-malaysia-government-subsidies-idUKKCN0J50JZ20141121

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