Malaysia’s Subsidy Revamp Sees Diesel Prices Spike over 56%

As predicted by industry experts worldwide, Malaysia’s move to revamp gasoline and diesel subsidies, which was implemented on Sunday, has led to a 56% overnight increase in the price of diesel in the country. Announced on Sunday, the revamp of the subsidies eliminates energy subsidies and redirects subsidies to the poorest parts of the population as the government of Prime Minister Anwar Ibrahim strives to build a more sustainable economy.  Malaysia’s subsidies have been plagued by fraudulent schemes, including the smuggling of…