A car owner pumps at a petrol station in Kuala Lumpur, Malaysia, 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. A diesel car owner pumps at a petrol station in Kuala Lumpur, Malaysia, Monday, June 10, 2024.
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. Second Finance Minister Amir Hamzah Azizan announced Sunday that diesel price will rise to 3.35 ringgit a liter on Monday, up 56% 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.‘There is no time to waste': EU leaders want to boost competitiveness to close gap with US and China
Monthly cash aid will also be given to eligible individuals with diesel vehicles including farmers and commodity smallholders, the government said.