In a bid to bolster its fiscal position, Malaysia is set to to cut subsidies on a wider scale, Bloomberg reports. Mohd Irwan Serigar Abdullah, secretary general of the country’s Treasury, told the financial news organisation in an interview earlier this week that the aim is to work gradually towards the removal of subsidies for petrol, liquefied petroleum gas and cooking oil in the coming years.
This and other moves, including that of moving government employee housing loans off its balance sheets, is part of the fiscal reform planned by the government. The move towards fiscal consolidation, Mohd Irwan said, is something the government is very committed to.
“We cannot afford to be in subsidy mode forever. We are at a point where there are too many subsidies and the government budgetary system can’t afford to carry such a burden,” he said.
The country scaled back on petrol and diesel subsidies – as well as that of sugar – in 2014 after tumbling oil prices provided the government the means to start weaning the nation off cheap fuel.
He added that the implementation of the Goods and Services Tax (GST) in April has aided in countering the decline in government revenue following the drop in crude oil prices. Mohd Irwan stated that collections from the new tax regime have thus far exceeded the government’s estimate, without specifying by how much.
On December 1 last year, the pricing structure for RON 95 and diesel fuels was revised to run on a managed float system similar to the one employed for RON 97 petrol. For July 2015, RON 95 petrol is priced at RM2.15 (up 10 sen compared to June) per litre, while RON 97 petrol is at RM2.55 (up 20 sen). Diesel, meanwhile, is priced at RM2.05 (unchanged) and Euro 5 diesel at RM2.15 (unchanged).
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AI-generated Summary ✨
Comments express strong dissatisfaction with Malaysia's high fuel and car prices despite the country's oil wealth, criticizing ongoing subsidies and government corruption. Many highlight the disparity between oil production and prices paid by Malaysians, calling for transparency, better financial management, and ending subsidies tied to political interests. There is a shared view that removing subsidies alone isn't enough; voters urge reform, accountability, and fairer economic policies, with some advocating for a change in government to address these issues. Sentiments range from frustration to hopelessness about the current leadership.