Diesel price in Malaysia jumped by more than 50% on Monday as part of a revamp of decades-old fuel subsidies to tighten government spending and save billions of ringgits annually.
The restructuring eliminates blanket energy subsidies and redirects them to the needy. They're part of economic reforms pledged by Prime Minister Anwar Ibrahim, whose government says they're needed to build and more sustainable economy and plug losses from smuggling cheap oil to neighboring countries.
