Malaysia to abolish fuel subsidies from December: ministry

[KUALA LUMPUR] Malaysia will abolish subsidies for petrol and diesel from Dec 1, the government said on Friday.

Retail prices for RON95 petrol and diesel will be fixed according to a managed float, the same mechanism as for the price of premium petrol RON97, according to the ministry.

Neighbour Indonesia raised subsidised fuel prices by more than 30 per cent this week, a move that is expected to save the government of Southeast Asia's biggest economy more than US$8 billion next year.

REUTERS