After the cancellation of the fuel subsidy in Malaysia, diesel retail sales dropped by 30%
AshleyJun 24, 2024, 04:49 PM
Malaysia, June 24th - According to Datuk Seri Amir Hamzah Azizan, the second Minister of Finance, after the Malaysian government implemented the rationalization policy for fuel subsidies on June 10, the diesel sales in the first week dropped significantly by 30%, it is equivalent to a daily reduction of 8 million liters.
This data shows that the subsidy reform has received preliminary feedback to curb unreasonable diesel consumption and reduce the financial burden on the government. From 2019 to 2023, the national diesel subsidy expenditure increased tenfold. The main reason was the 80% surge in subsidized diesel consumption, not the significant increase in new diesel vehicles. This indicates that there was misuse of diesel subsidies in the past. The decline in diesel sales, a 30% drop in gas station diesel sales and a 40% drop in border area sales, indicates that subsidy reform effectively deters some people from hoarding and smuggling diesel.
The Malaysian government stated that it will continue to monitor the dynamics of the fuel market and adjust the subsidy policy as needed. At the same time, the government will also intensify efforts to crack down on illegal activities such as diesel smuggling to ensure the fairness and effectiveness of the subsidy policy.
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