According to reports from The Malay Mail Online, Domestic Trade, Cooperatives and Consumerism Minister Datuk Hasan Malek said Putrajaya will stop providing subsidy for RON95 petrol and diesel from December onwards.
According to The Star Online, Hasan also said the price for these two fuels will be set using the managed float mechanism from December 1st.
Today’s unexpected announcement will see an end to the federal government footing the bill to allow Malaysians to pay cheaper rates for RON95 petrol and diesel, irrespective of the market price. The announcement also comes after the federal government slashed the subsidy for RON95 petrol and diesel twice in recent months.
The RON97 petrol is already on the managed float system and is not subsidised by the government.
The full statement can be seen below.
