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Show Notes
The recent decision by the federal government to increase the retail price of fuels was not the first and will not be the last of its kind. The last hike was in June 2008, petrol prices hit RM2.70 from RM1.92 per litre with Diesel up 1 ringgit from RM1.58 to 2.58.
The Star reported that the Najib administration made the decision in an attempt to introduce immediate remedial measures to reduce its fiscal deficit. The PM also announced that the move would save the government RM1.1bil in subsidies for the rest of the year and a further RM3.3 billion annually. To help offset the hike, the government has promised more cash handouts in the form of BR1M.
To help us rationalize the recent subsidy cut by the government, we had Ivanpal Grewal,Executive Director of SEDAR to simplify things for us.
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