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KUALA LUMPUR: Malaysia will cut diesel subsidies, aiming to save about 4 billion ringgit ($852.88 million) annually, Prime Minister Anwar Ibrahim announced on Tuesday.
Anwar has repeatedly vowed to move away from blanket subsidies to a targeted system that mainly helps low-income groups.
Malaysia subsidizes items such as fuel, cooking oil and rice, but rising commodity prices in recent years have caused spending to climb to record levels, straining government finances.
Anwar said in a televised speech that the targeted diesel subsidy reform would first only affect consumers in Peninsular Malaysia.
He did not say when the changes would take effect, saying further details would be announced later.
(1 USD = 4.6900 Ringgit)
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