Gradually increasing petrol prices is the answer to reducing Malaysia’s fiscal deficit, according to Datametrics Research and Information Centre (DARE). In a report by FMT, the Malaysian-based think tank says this approach is more effective …
Gradually increasing petrol prices is the answer to reducing Malaysia’s fiscal deficit, according to Datametrics Research and Information Centre . In a report byDARE managing director B Pankajkumar said by increasing petrol prices to align with the market price, the government can significantly reduce its petrol subsidy, which can instead be used to provide direct cash transfers to the bottom 50% of society.
“That’s your answer in terms of tackling your budget deficit. Imagine the amount of savings you can make by putting petrol price back to where it should be. To me, why bother going to a different system . It’s not proven, it takes a lot of effort, and there will be leakages,” he continued, adding that a different system would likely require the government to spend more in terms of administration., RON 95 currently retails at its ceiling price of RM2.
“Prime minister Anwar Ibrahim mentioned Malaysia is expected to spend RM81 billion for subsidies this year. Last year’s figure was RM62 billion, of which RM45 billion was related to fuel subsidy,” Pankajkumar said., and it is expected that measures will be announced to reduce public debt by steering the economy away from decades of blanket subsidies.
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