{"id":69359,"date":"2024-06-10T05:45:36","date_gmt":"2024-06-10T05:45:36","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/06\/10\/diesel-prices-jump-56-as-malaysia-revamps-decades-old-fuel-subsidies-times-of-india\/"},"modified":"2024-06-10T05:45:36","modified_gmt":"2024-06-10T05:45:36","slug":"diesel-prices-jump-56-as-malaysia-revamps-decades-old-fuel-subsidies-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/06\/10\/diesel-prices-jump-56-as-malaysia-revamps-decades-old-fuel-subsidies-times-of-india\/","title":{"rendered":"Diesel prices jump 56% as Malaysia revamps decades-old fuel subsidies &#8211; Times of India"},"content":{"rendered":"<div style=\"text-align:center\"><img loading=\"lazy\" decoding=\"async\" width=\"1280\" height=\"720\" src=\"https:\/\/i0.wp.com\/static.toiimg.com\/photo\/msid-110862222,imgsize-601352.cms?fit=1280,720&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Diesel prices jump 56% as Malaysia revamps decades-old fuel subsidies &#8211; Times of India\" title=\"Diesel prices jump 56% as Malaysia revamps decades-old fuel subsidies &#8211; Times of India\" \/><\/div>\n<div>KUALA LUMPUR: Diesel price in <!-- -->Malaysia<!-- --> jumped by more than 50% on Monday as part of a revamp of decades-old <!-- -->fuel subsidies<!-- --> to tighten <!-- -->government spending<!-- --> and save billions of ringgits annually. The restructuring eliminates blanket energy subsidies and redirects them to the needy. <br \/> They&#8217;re part of <!-- -->economic reforms<!-- --> pledged by PM Anwar Ibrahim, whose government says they&#8217;re needed to build and more sustainable economy and plug losses from smuggling cheap oil to neighbouring countries. <br \/> Anwar has been cautious to bring about higher fuel prices, however, with working-class voters are still struggling with rising cost of living. He announced the decision to cut fuel subsidies last month to give time to lower-income groups to prepare for the transition. <br \/> The government eventually plans to follow suit with more petrol subsidies. <br \/> Essentials including fuel, cooking oil and rice are heavily subsidised in Malaysia which have strained national finances for years. <br \/> Second Finance Minister Amir Hamzah Azizan announced Sunday that diesel price will rise to 3.35 ringgit ($0.71) a litre on Monday, up 56% from its previous subsidised price of 2.15 ringgit ($0.46). He said the price will be reviewed on a weekly basis to be aligned with market prices. <br \/> The price hike will not apply to Malaysian states on Borneo island and eligible logistic vehicles, he said. Lower prices previously set for fishermen and a wide fleet of land public transport vehicles such as school buses, taxis and ambulances will also remain unchanged. <br \/> Monthly cash aid will also be given to eligible individuals with diesel vehicles including farmers and commodity smallholders, the government said. <br \/> Despite the hike, Amir said Malaysia&#8217;s diesel price remains among the lowest in Southeast Asia. Diesel costs 8.79 ringgit ($1.86) a litre in neighbouring Singapore and more than 4 ringgit ($0.86) in most other regional countries. <br \/> Amir said the targeted subsidies will help cut the fiscal deficit, with the government expected to save at least four billion ringgit ($850 million) annually. Malaysia&#8217;s diesel subsidy bill surged from 1.4 billion ringgit ($300 million) in 2019 to 14.3 billion ringgit ($3 billion) last year. <br \/> &#8220;Malaysia cannot afford to continue losing billions of ringgit due to widespread smuggling of diesel. The money is better spent on improving the people&#8217;s quality of life and developing the country,&#8221; Amir said.<\/div>\n<p><script>!(function(f, b, e, v, n, t, s) {\n    function loadFBEvents(isFBCampaignActive) {\n      if (!isFBCampaignActive) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        if (f.fbq) return;\n        n = f.fbq = function() {\n          n.callMethod ? n.callMethod(...arguments) : n.queue.push(arguments);\n        };\n        if (!f._fbq) f._fbq = n;\n        n.push = n;\n        n.loaded = !0;\n        n.version = '2.0';\n        n.queue = [];\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/connect.facebook.net\/en_US\/fbevents.js', n, t, s);\n      fbq('init', '593671331875494');\n      fbq('track', 'PageView');\n    };\n    function loadGtagEvents(isGoogleCampaignActive) {\n      if (!isGoogleCampaignActive) {\n        return;\n      }\n      var id = document.getElementById('toi-plus-google-campaign');\n      if (id) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        t.id = 'toi-plus-google-campaign';\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/www.googletagmanager.com\/gtag\/js?id=AW-877820074', n, t, s);\n    };\n    function loadSurvicateJs(allowedSurvicateSections = []){\n      const section =  window.location.pathname.split('\/')[1]\n      const isHomePageAllowed = window.location.pathname === '\/' && allowedSurvicateSections.includes('homepage')\n      if(allowedSurvicateSections.includes(section) || isHomePageAllowed){\n        (function(w) {\n          var s = document.createElement('script');\n          s.src=\"https:\/\/survey.survicate.com\/workspaces\/0be6ae9845d14a7c8ff08a7a00bd9b21\/web_surveys.js\";\n          s.async = true;\n          var e = document.getElementsByTagName('script')[0];\n          e.parentNode.insertBefore(s, e);\n        })(window);\n      }\n    }\n    window.TimesApps = window.TimesApps || {};\n    var TimesApps = window.TimesApps;\n    TimesApps.toiPlusEvents = function(config) {\n      var isConfigAvailable = \"toiplus_site_settings\" in f && \"isFBCampaignActive\" in f.toiplus_site_settings && \"isGoogleCampaignActive\" in f.toiplus_site_settings;\n      var isPrimeUser = window.isPrime;\n      if (isConfigAvailable && !isPrimeUser) {\n        loadGtagEvents(f.toiplus_site_settings.isGoogleCampaignActive);\n        loadFBEvents(f.toiplus_site_settings.isFBCampaignActive);\n        loadSurvicateJs(f.toiplus_site_settings.allowedSurvicateSections);\n      } else {\n        var JarvisUrl=\"https:\/\/jarvis.indiatimes.com\/v1\/feeds\/toi_plus\/site_settings\/643526e21443833f0c454615?db_env=published\";\n        window.getFromClient(JarvisUrl, function(config){\n          if (config) {\n            loadGtagEvents(config?.isGoogleCampaignActive);\n            loadFBEvents(config?.isFBCampaignActive);\n            loadSurvicateJs(config?.allowedSurvicateSections);\n          }\n        })\n      }\n    };\n  })(\n    window,\n    document,\n    'script',\n  );<\/script><br \/>\n<br \/><br \/>\n<br \/><a href=\"https:\/\/timesofindia.indiatimes.com\/business\/international-business\/diesel-prices-jump-56-as-malaysia-revamps-decades-old-fuel-subsidies\/articleshow\/110861783.cms\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>KUALA LUMPUR: Diesel price in Malaysia jumped by more than 50% on Monday as part of a revamp of decades-old fuel subsidies to tighten government spending and save billions of ringgits annually. The restructuring eliminates blanket energy subsidies and redirects them to the needy. They&#8217;re part of economic reforms pledged by PM Anwar Ibrahim, whose [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":69360,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/static.toiimg.com\/photo\/msid-110862222,imgsize-601352.cms","fifu_image_alt":"","footnotes":""},"categories":[604],"tags":[2356,16551,64805,27463,2363,64804,29522,273,1550,3904,2364,46565,15678,272],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/69359"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=69359"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/69359\/revisions"}],"predecessor-version":[{"id":69361,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/69359\/revisions\/69361"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/69360"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=69359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=69359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=69359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}