KL's move to drop fuel subsidies hailed
Move coincides with low global oil prices, and the govt's savings can be put to good use, say observers
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Kuala Lumpur
IN what economist-blogger Hishamrais Hussein described in a post on Monday as "an outbreak of common sense", the Malaysian government has decided to abolish subsidies for RON95 petrol and diesel.
He was referring to Putrajaya's announcement late on Friday that, effective on Dec 1, the retail prices for RON95 petrol and diesel would be fixed according to a managed-float mechanism, similar to that now used for RON97 petrol; under this system, the price of fuel will be set every month, based on its monthly average market price (compared to the previous month).
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