The price of RON95 petrol and diesel will be increased by 20 sen/litre effective 12.01am on October 2, 2014.
This means the new price for RON95 will be RM2.30 per litre while that of diesel, RM2.20 per litre.
The increase follows an announcement by the Domestic Trade, Cooperatives and Consumerism Ministry (DTCCM) which said the Government has decided to reduce the fuel subsidy by 20 sen/litre, in line with the subsidy rationalisation plan.
According to a statement released Wednesday, the current unsubsidised market price for RON95 petrol is RM2.58 per litre while diesel stands at RM2.52 per litre.
“Despite the reduce in fuel subsidy, the Government will still have to fork out more than RM21 billion for subsidies on RON95 petrol, diesel and LPG this year.
“This move is in line with the Government’s subsidy rationalisation plan to ensure the country’s finance remains strong.
“The Government also aims to curb smuggling activities by irresponsible parties,” the statement said.
The ministry said, the money saved from the reduction in fuel subsidies will be used for the development of education, health, a more efficient public transport system and improving national security.
“Subsidy rationalisation is expected to help boost the national economy and propel Malaysia into a high income nation,” the statement added.
Meanwhile while taking note of the affects the subsidy rationalisation plan will have on the people, the ministry said the Government will continue to provide financial assistance especially for low and medium income earners.
This includes an increase in the 1Malaysia People’s Aid (BR1M) programme which will be announced in Budget 2015.
Astro Awani
Wed Oct 01 2014
The Government has decided to reduce the fuel subsidy by 20 sen/litre. - AFP Photo/Yasuyoshi Chiba
Who is Prabowo Subianto, incoming president of Indonesia?
A wealthy ex-general with ties to Indonesia's popular outgoing president and its dictatorial past, looks set to be its next leader.
Iran's supreme leader says Hamas leader's death will not halt 'Axis of Resistance'
The "Axis of Resistance", built up with years of Iranian support, includes Hamas, the Lebanese Hezbollah group, the Houthi movement in Yemen, and various Shi'ite groups in Iraq and Syria.
Putin says Russia willing to seek compromises between Iran and Israel
Russia is ready to help seek compromises between arch-foes Israel and Iran, President Vladimir Putin said on Friday, saying these would be difficult but possible.
What proposals will Russia push at the BRICS summit?
The proposal is also to establish a BRICS reinsurance company to allow uninterrupted shipment of goods and key commodities between members.
Indonesia's free meals plan in the spotlight as Prabowo readies for office
Prabowo calls the programme one of the main drivers of economic growth, eventually set to add an estimated 2.5 million jobs.
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.