GST, HVGT, could resurface as part of Budget 2025 alongside RON95 rationalisation, says RHB analyst. Are we ready?
Home News Auto News Anwar: “How much cheaper can we go?” - Expect fuel price hike in Malaysia, subsidy reform soon Anwar: “How much cheaper can we go?” - Expect fuel price hike in Malaysia, subsidy reform soon Auto News Mersita Wasli | October 04, 2023 02:40 pm Malaysia’s fuel prices are too low compared to oil-rich Saudi Arabia’s hence spending more for fuel subsidy is deemed unfeasible, said Prime Minister Datuk Seri Anwar Ibrahim. Referring to the statement he made in 2008 regarding reducing fuel price in Malaysia, Anwar said back then the fuel price in Saudi Arabia was 50 cents/liter whereas ours was RM 1.80/litre. Reducing Malaysia’s fuel price was possible then. “Now in 2023, fuel price in Arab Saudi is much higher than Malaysia. How much cheaper can we go? Our subsidy is already too high,” he said in a clip posted on X, a platform formerly known as Twitter, yesterday. According to Anwar, the Malaysian government’s expenditure on fuel subsidy has reached RM 30 - 40 billion a year. Fuel price in Saudi Arabia were used as a reference as the country’s oil production is much higher compared to Malaysia, but their fuel prices are still higher than ours. Currently, Saudi Arabia’s RON 95 is selling for 2.33 riyals (RM 2.94) per liter. Photo via Aramco Life This reiterates Anwar’s statement to the Parliament last month about the impossibility of reducing fuel prices further in Malaysia. Brent crude oil, a benchmark for oil prices, reached USD 95 (RM 470) per barrel as of yesterday. As prices are projected to reach USD 100 (RM 495) per barrel soon, the government is likely to halt spending extra on fuel subsidy. As reported earlier, fuel subsidy reform may take effect soon enough, as early as 1 January 2024, that will largely eliminate the T20 income group and possibly a portion of the M40 group from the subsidy recipient list. The government may introduce the targeted fuel subsidy when presenting Budget 2024 in Parliament on 13 October 2023, as a replacement for the current blanket fuel subsidy. Also read: Only selected M40s may receive fuel subsidy in 2024, no blanket for all ✕ Let's Connect on Whatsapp We protect your personal information in compliance with the PDPA I agree with Carlist.my Terms of Use and Privacy Policy. I agree to receive personalised communication from Carlist.my and its car sellers, business affiliates and partners. Check out the best car deals in town! Prev Next Special offer - call now! days hours Avg. mkt. Why no price is listed? Sometime dealer wants you to contact for the best price. I Why no price is listed? Sometime dealer wants you to contact for the best price. Related Tags fuel subsidy Malaysia Fuel price Malaysia Anwar Ibrahim Print Related News Fuel subsidy is a complex challenge, says Anwar Auto News Adam Aubrey | June 20, 2023 According to Datuk Seri Anwar Ibrahim, the formulation and implementation of a targeted subsidy mechanism is a complex task that poses ... Targeted fuel subsidy to be implemented in 2024 Auto News Adam Aubrey | August 21, 2023 Talks of targeted fuel subsidy have gone quiet in recent months, but it doesn't mean it has gone away because according to Berita Harian, the ... Cutting fuel subsidy can help narrow Malaysia’s budget deficit, cash transfers available for rakyat - Rafizi Auto News Mersita Wasli | March 18, 2024 Savings from the removal of blanket subsidies for fuel is expected to help Malaysia narrow its budget deficit and avoid going for “too many taxes,” ... Diesel is pricier now but govt still spending about RM7 billion in subsidies Auto News Jim Kem | June 18, 2024 Despite the price of diesel increasing by RM1.20 at the pumps, there’s still plenty subsidisation ongoing as Prime Minister Datuk Seri Anwar Ibrahim ... Comments
Anwar: “How much cheaper can we go?” - Expect fuel price hike in Malaysia, subsidy reform soon Auto News Mersita Wasli | October 04, 2023 02:40 pm Malaysia’s fuel prices are too low compared to oil-rich Saudi Arabia’s hence spending more for fuel subsidy is deemed unfeasible, said Prime Minister Datuk Seri Anwar Ibrahim. Referring to the statement he made in 2008 regarding reducing fuel price in Malaysia, Anwar said back then the fuel price in Saudi Arabia was 50 cents/liter whereas ours was RM 1.80/litre. Reducing Malaysia’s fuel price was possible then. “Now in 2023, fuel price in Arab Saudi is much higher than Malaysia. How much cheaper can we go? Our subsidy is already too high,” he said in a clip posted on X, a platform formerly known as Twitter, yesterday. According to Anwar, the Malaysian government’s expenditure on fuel subsidy has reached RM 30 - 40 billion a year. Fuel price in Saudi Arabia were used as a reference as the country’s oil production is much higher compared to Malaysia, but their fuel prices are still higher than ours. Currently, Saudi Arabia’s RON 95 is selling for 2.33 riyals (RM 2.94) per liter. Photo via Aramco Life This reiterates Anwar’s statement to the Parliament last month about the impossibility of reducing fuel prices further in Malaysia. Brent crude oil, a benchmark for oil prices, reached USD 95 (RM 470) per barrel as of yesterday. As prices are projected to reach USD 100 (RM 495) per barrel soon, the government is likely to halt spending extra on fuel subsidy. As reported earlier, fuel subsidy reform may take effect soon enough, as early as 1 January 2024, that will largely eliminate the T20 income group and possibly a portion of the M40 group from the subsidy recipient list. The government may introduce the targeted fuel subsidy when presenting Budget 2024 in Parliament on 13 October 2023, as a replacement for the current blanket fuel subsidy. Also read: Only selected M40s may receive fuel subsidy in 2024, no blanket for all ✕ Let's Connect on Whatsapp We protect your personal information in compliance with the PDPA I agree with Carlist.my Terms of Use and Privacy Policy. I agree to receive personalised communication from Carlist.my and its car sellers, business affiliates and partners. Check out the best car deals in town! Prev Next Special offer - call now! days hours Avg. mkt. Why no price is listed? Sometime dealer wants you to contact for the best price. I Why no price is listed? Sometime dealer wants you to contact for the best price. Related Tags fuel subsidy Malaysia Fuel price Malaysia Anwar Ibrahim
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Fuel subsidy is a complex challenge, says Anwar Auto News Adam Aubrey | June 20, 2023 According to Datuk Seri Anwar Ibrahim, the formulation and implementation of a targeted subsidy mechanism is a complex task that poses ...
Targeted fuel subsidy to be implemented in 2024 Auto News Adam Aubrey | August 21, 2023 Talks of targeted fuel subsidy have gone quiet in recent months, but it doesn't mean it has gone away because according to Berita Harian, the ...
Cutting fuel subsidy can help narrow Malaysia’s budget deficit, cash transfers available for rakyat - Rafizi Auto News Mersita Wasli | March 18, 2024 Savings from the removal of blanket subsidies for fuel is expected to help Malaysia narrow its budget deficit and avoid going for “too many taxes,” ...
Diesel is pricier now but govt still spending about RM7 billion in subsidies Auto News Jim Kem | June 18, 2024 Despite the price of diesel increasing by RM1.20 at the pumps, there’s still plenty subsidisation ongoing as Prime Minister Datuk Seri Anwar Ibrahim ...