Only 'very rich' will pay market prices for fuel, says Anwar

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Budget 2025 News

Petrol,RON 95,Fuel Subsidy Rationalisation

(Reuters) - Five-times Olympic gold medallist Kaylee McKeown has prematurely ended her Swimming World Cup campaign in Shanghai, citing mental health concerns.

KOTA KINABALU: Only"very rich" Malaysians will pay market prices for fuel as they can afford it,says Datuk Seri Anwar Ibrahim.

The Prime Minister said the fuel subsidy rationalisation under Budget 2025 will ensure that the subsidies will remain for 85% of Malaysians. Anwar said that the government would save about RM8bil in the rationalisation exercise that targets 15% of the very rich and foreigners benefiting from the blanket subsidies currently."This savings will benefit our efforts to help the poor and needy.

"Our current subsidies are enjoyed by the rich and foreigners who should pay the market price," he said in his speech at the Madani Rakyat 2024 Sayangi Sabah programme at the Likas Sports Complex here on Saturday . He said the government decided on the rationalisation exercise as the political situation is stable and people understand why the government is doing this.Anwar added that some critics had told him not to raise fuel prices.He said petrol prices in Malaysia are cheaper than in Singapore, Thailand, Indonesia, Philippines and even Saudi Arabia, the biggest oil producer globally where a litre of petrol costs RM2.65.

 

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