KL scraps decades-old fuel subsidy policy

Kuala Lumpur

MALAYSIA will abolish subsidies for petrol and diesel starting next month as falling oil prices provide Prime Minister Najib Razak the opportunity to end a decades-old policy of cheap fuel.

The cost of the widely used RON 95 grade of petrol and diesel will be based on a managed float system from Dec 1, the government said in a statement on Friday. The ringgit rose.