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Prime Minister Najib announced cuts in the subsidies for vehicle fuel, sugar, and gas for cooking that took effect on midnight 15 July 2010. [2]RON95 and RON97 grades of petrol was subject to a price increase of RM0.05 per litre resulting in prices of RM1.85 and 2.10 per litre respectively.
On 2 May 2009, Prime Minister Najib Razak announced the government's plan to develop a new economic model that will speed Malaysia's transition to a high income country. . The plan will emphasise ways to increase the income and productivity of workers by encouraging knowledge industries and increasing investment from overs
Prices of items such as palm oil, cooking oil, petrol, flour, bread, rice and other essentials have been kept under market prices to keep cost of living low. [62] As of 2022, government expenditure on subsidies stood at RM70.3 billion (US$15.96 billion), with fuel alone taking up RM52 billion (US$11.8 billion) or 74% of total subsidies.
This includes the resources it takes for exploration, to remove it from the ground, and transport it. Between 2004 and 2008, there was an increase in fuel costs due in large part to a worldwide increase in demand for crude oil. Prices leapt from $35 to $140 per barrel ($220 to $880/m 3), causing a corresponding increase in gas prices. [15]
June 10 – The government rationalises diesel subsidies by lifting fuel subsidies in Peninsular Malaysia, resulting in a 56% price increase in diesel, from RM 2.15 to RM 3.35 per litre and subsidising only targeted groups RM 200 monthly.
Malaysia will switch to a new public service compensation scheme from Dec 1 that will see broad pay hikes and salary restructuring for the country's 1.6 million civil servants, Prime Minister ...
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4 June – The price of petrol rose from RM1.92 to RM 2.70 per litre. [38] Malaysia's petrol price conversion to US$0.84 per litre was higher compared to China US$0.74, Egypt US$0.32, Indonesia US$0.65, Kuwait US$0.21, Qatar US$0.22, Saudi Arabia US$0.12, Turkmenistan US$0.08, and UAE US$0.37