Malaysian PM Anwar Ibrahim's move to cut diesel subsidies will not have much impact on the country's inflation, say analysts.
In 2023, RM14.5 billion was spent on diesel subsidies. With the rationalisation, the government is expected to save around RM4 billion annually. Under SKDS 2.0, logistics vehicles entitled to fleet cards – a card for subsidised diesel to be used at petrol stations instead of paying cash or using credit/debit cards – will pay RM2.15 per litre, while the price under SKDS 1.0, which is targeted at school buses, express buses, ambulances and fire engines, remains at RM1.88 per litre.
“Lower- and middle-income groups who use diesel for their businesses will not be affected by the rationalisation. The ones who will not benefit are the higher-income group and foreigners,” said the Prime Minister on May 21. “Demand could be slowing if there is a shift in consumption patterns. People might be cautious in their spending, and that will result in lower demand and subsequently retain the price level,” said Mr Saifuddin.
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