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).
Looking to sell your car? Sell it with Carro.
Bodoh/Buttlickers
on 
Gargantia
on 
Madani
on 
History of Songlap in Malaysia
on 
The Truth About Subsidi
on 
kington
on 
Oil is Our Right la
on 
Pilihan Rakyat
on 
No pilihan
on 
In your dreams
on 
Turunkan Harga Kereta!
on 
Tupai Jatuh
on 
:)
on 
Insider News
on 
Where is Najib's Promise?
on 
Phyuck Yiu
on 
Kxx
on 
Wan Deris Wan Ahmad
on 
Same L0rrrr
on 
Al haffi
on 
zyde
on 
alldisc
on 
Why Bloomberg?
on 
Azmi
on 
Failed State Citizen
on 
speechless
on 
Vgs
on 
Lance
on 
Abukik
on 
king
on 
ng seh hoong
on 
choochoo
on 
superbird #43
on 
subsidymyass
on 
people
on 
benzs
on 
nabill (Member)
on 
sudonano (Member)
on 
HIto
on 
mason_
on 
Rip
on 
Roll Eyes
on 
Voorhees
on 
bujingyun
on 
HaIrI
on 
Kancil Hybrid
on 
DieBN!
on 
Andrew1
on 
Andrekua
on 
Jc
on 
BR1M
on 
pok mang amg
on 
ley
on 
john
on 
CarmenTung
on 
LokCy
on 
ioma
on 
ben yap
on 
cendol (Member)
on 
jojo
on 
Terrence chaw
on 
jc
on 
axia
on 
nosubsidy
on 
BLT_Club
on 
muskila
on 
GforGoners
on 
sabahan
on 
thedarkside
on 
Irsan
on 
AI-generated Summary ✨
The comments express frustration over Malaysia's high fuel and car prices despite being an oil-producing country, criticizing the government's alleged mismanagement, corruption, and false claims about subsidies. Many highlight that Malaysians pay exorbitant prices compared to other oil-producing nations and accuse the government of exploiting these resources while not passing benefits to the rakyat. There is skepticism about subsidy removals, with calls for transparent financial management and fair taxation instead. Several comments criticize high car prices, taxes, and the government's failure to fulfill election promises like reducing car prices and improving income levels. Overall, sentiments lean toward anger and disillusionment with the government's handling of subsidies, resource wealth, and economic policies.