The earlier-than-expected move will boost government coffers but may prove unpopular amid rising living costs.
Sources said diesel prices will float to market rates in a matter of weeks after the Kuala Kubu Bharu by-election on May 11.
Fuel subsidies have regularly breached RM50 billion annually in recent years, making up the bulk of Kuala Lumpur’s total subsidy bill – which is estimated to reach RM81 billion for 2023 and also covers electricity and basic food items. The Domestic Trade and Costs of Living Ministry had urged cargo transport firms to register for a fleet card system by April 30, indicating that the rationalisation of diesel subsidies, which will push the cost per litre from the current RM2.15 to about RM3.45, is imminent. Under this system, more than two million vehicles like public buses and cargo trucks will still be entitled to a quota of subsidised diesel.
Whether the government suffers a loss in public support from this move will largely rest on its ability to cushion the impact of fuel price hikes on lower-income earners.compared with 54 per cent when the multi-coalition alliance was formed following the November 2022 election. Economic concerns were foremost in the minds of four-fifths of those polled, who cited unfavourable economic conditions and high cost of living as the main factors.
“The plan is to give back about half of the subsidy savings to the poor, and the other half to reduce the deficit and spend on development,” one official told ST.
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