According to Fitch Solutions Macro Research, the average crude oil prices are forecast to decline to US$62 per barrel and US$58 per barrel in 2020 and 2021, respectively.Beginning January 2020, the government will implement the Targeted Subsidy Scheme in Peninsular Malaysia, which will see RON95 and diesel retail prices being gradually floated.
The PSP has two eligible recipient categories, the first being for Bantuan Sara Hidup recipients, where eligible car owners will receive a RM30 monthly subsidy while motorcycle owners will get RM12. The subsidised fuel for this category is limited to 100 litres per month for cars, and 40 litres for motorcycles when purchasing RON95.
“We continue to forecast consumer price inflation to average 1.5% year-on-year in 2020, ” it said, adding that inflation has averaged just 0.6% y-o-y in the first nine months of 2019.
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