The implementation of a targeted diesel subsidy for consumers in Malaysia is expected to help the country save 4 billion RM (nearly 850 million USD) annually, contributing to strengthening the government's fiscal position, improving resource allocation, and reducing fossil fuel consumption and carbon footprint.
A filling station in Malaysia. (Photo: paultan.org)
Kuala Lumpur (VNA)▨ – The implementation of a targeted diesel subsidy for consumers in Malaysia is expected to help the country save 4 billion RM (nearly 850 million USD) annually, contributing to strengthening the government's fiscal position, improving resource allocation, and reducing fossil fuel consumption and carbon footprint.
Prof Yeah Kim Leng from Malaysia’s Sunway University said the rationalisation is anticipated to benefit both the economy and the government by demonstrating a commitment to necessary reforms for fiscal sustainability and economic efficiency.
The government's move to rationalise fuel subsidies, starting with diesel, is being carefully executed with various targeted groups shielded from price increases through fleet cards and cash transfers.
The targeted subsidies will mitigate the adverse impact on inflation while generating substantial savings, particularly by reducing leakages and cross-border smuggling, he said.
Prime Minister Datuk Seri Anwar Ibrahim on May 22 announced that his Cabinet agreed to implement a targeted diesel subsidy for consumers in Malaysia.
To curb drastic rises in the prices of goods and services, the government will provide subsidies for traders using commercial diesel vehicles including ten types of public transport vehicles and 23 types of goods vehicles under the diesel subsidy control system.
In addition, the government has agreed to provide cash assistance to eligible private diesel vehicle owners, including smallholders, farmers, and traders.
Yeah said that transport costs will hardly rise as most operators are provided with targeted subsidies. However, authorities need to tighten control to prevent unjustified price increases by businesses, especially in the transport sector.
Meanwhile, Bank Muamalat Malaysia Bhd's chief economist Mohd Afzanizam Abdul Rashid said the money saved from the subsidies will be used in education, healthcare and infrastructure development./.
Malaysia commits to cooperating with its ASEAN counterparts to push forward regional initiatives such as the ASEAN Power Grid, which is aimed at fortifying energy connectivity and security throughout the region, the country's Deputy Prime Minister Fadillah Yusof said on May 13.
Malaysia needs to move faster to build a robust ecosystem to drive the development and adoption of artificial intelligence (AI) technology in the current era, said Prime Minister Datuk Seri Anwar Ibrahim at a launching ceremony of the 2024 Malaysia Artificial Intelligence Nexus (MY AI NEXUS) programme held in Kuala Lumpur on May 10.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Efforts to empower women must transcend dialogue and translate into concrete commitments, including corporate pledges and government partnerships, according to the spouse of Malaysian Prime Minister Anwar Ibrahim.
The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
The new FIFA Hub in Jakarta will not only support football development in Indonesia but also serve as a coordination centre for 21 football associations across Southeast and East Asia.
Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
