Reported 11 months ago
Diesel prices in Malaysia have increased by over 50% as part of a revamp of long-standing fuel subsidies aiming to tighten government spending and save billions annually. The restructuring eliminates blanket energy subsidies, redirecting them to the needy in a move that is part of economic reforms pledged by Prime Minister Anwar Ibrahim. The plan, which will eventually extend to gasoline subsidies, is said to help reduce Malaysia's fiscal deficit and prevent losses from the smuggling of cheap oil to neighboring countries.
Source: YAHOO