Malaysia, hit by massive subsidy bill, raises gasoline prices 40 percent

Malaysia announced Wednesday a 40 percent hike in gasoline prices to reduce the government's massive subsidy bill, a move that is expected lift the inflation rate to as much as 5 percent. Prime Minister also said that electricity tariffs will rise on a varying scale, depending on usage. Merchant Lynx Services

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The hardest hit will be commercial and industrial users, who will have to pay 26 percent more. It is the first time in two years that electricity and fuel prices have been increased.
Abdullah said the pump price of gasoline will rise on Thursday to 2.70 ringgit (US$0.87) a liter, or 10.23 ringgit (US$3.30) a gallon, from 1.92 ringgit (US$0.61) a liter now, to bring it closer to the global market price. "We cannot naturally keep subsidizing at the current rate," Abdullah told reporters."We must reduce wastage. If we can change our lifestyles, we will not suffer a terrible situation.<Merchant lynx services>