Latest news with #petrolsubsidies
South China Morning Post
13 hours ago
- Business
- South China Morning Post
Anwar flip-flops on petrol subsidy cuts, leaving Malaysians spinning wheels
Malaysian Prime Minister Anwar Ibrahim sparked confusion as he rowed back on long-threatened plans to slash petrol subsidies just days before the cuts were expected to take effect. Anwar has faced growing public pushback on concerns over rising living costs as his cash-strapped administration pursues plans to drop blanket subsidies on petrol and impose fresh taxes on imported goods like apples and cod. But on Thursday, the prime minister said that the government would no longer raise the price of the subsidised RON95 grade petrol after all – even if there was a sharp increase in global crude oil prices caused by the air war between Israel and Iran. 'We are not increasing fuel prices,' he was quoted as saying by national newswire Bernama. (From left) Petronas Chief Executive Officer Tengku Muhammad Taufik, Malaysia's Prime Minister Anwar Ibrahim and S&P Global Vice Chairman Daniel Yergin launch the Energy Asia conference in Kuala Lumpur on Monday. Photo: AFP Malaysians were not convinced by Anwar's assurance, with many taking to social media to question the leader's shifting positions on the planned subsidy cuts. 'Why do [you] not do as you say and have it looming over our heads?' read a comment on X to a post on Anwar's latest statement, highlighting the uncertainty felt by the public over their finances.
South China Morning Post
4 days ago
- Business
- South China Morning Post
Malaysia pushes ahead with petrol subsidy cuts despite public outcry, inflation concerns
Malaysia will press on with planned cuts to petrol subsidies, Prime Minister Anwar Ibrahim has said, despite mounting public pushback over government measures to cut costs and raise taxes. The government is expected to slash costly petrol subsidies as early as July, a move that Anwar said was necessary to deflate the country's multibillion-dollar subsidy bill and make sure the savings reach those most in need. But the move has raised concerns that it could trigger inflation if consumers have to pay market price for fuel, in a country with more cars than people. Analysts have warned that subsidy cuts could end up being a deal breaker for voters if not handled well, with the administration facing a string of elections over the next two years. Anwar said the plan to remove blanket petrol subsidies would free up much-needed funds to aid the country's poor and upgrade the quality of education, healthcare and other public services. 'I would like to reiterate that there is no issue of the RON95 increase affecting 85 to 90 per cent of our people,' he told reporters on Monday, referring to the subsidised fuel grade. 'Whatever the opposition says is just a gimmick, a desperate attempt to portray the people as suffering, to fuel more negative narratives.'
Bloomberg
16-05-2025
- Business
- Bloomberg
Malaysia Committed to 2025 Petrol Subsidy Cut But No Fixed Date
Malaysia is committed to reducing petrol subsidies in the second half of the year and is refining its plan as US tariffs darken the economic outlook. The government 'will continue to assess inputs and feedback in refining details' of its fuel subsidy revamp as it actively engages with a wide range of stakeholders, a spokesperson at the Ministry of Finance said in response to questions from Bloomberg News.
