A car owner pumps at a petrol station in Kuala Lumpur, Malaysia on Monday, June 10, 2024. 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 plan is bold but risky for Anwar, who took power in 2022, as it may anger working-class voters struggling with rising cost of living. He announced the unpopular decision to cut fuel subsidies last month to give time to lower-income groups to prepare for the transition. Second Finance Minister Amir Hamzah Azizan announced Sunday that diesel price will rise to 3.35 ringgit a liter on Monday, up 56 percent from its previous subsidized price of 2.15 ringgit . He said the price will be reviewed on a weekly basis to be aligned with market prices.