Tengku Razaleigh supports scrapping fuel subsidy

(Bernama) – Former Finance Minister Tan Sri Tengku Razaleigh Hamzah has come out in support of the government’s move to scrap the fuel subsidy and base the RON 95 petrol and diesel prices on a managed float system from Dec 1, saying it could help ease the burden on the people at a time of rising prices.

“This is the best time for the government to abolish the fuel subsidy because global crude oil prices have fallen to USS$80 (RM268.40) a barrel,” the Gua Musang MP said at a meeting with participants of the South Kelantan Development Authority’s (Kesedar) Land Development Plan (RKT) project in Chalil here today.

Also present were Paloh and Galas state assemblymen Datuk Nozula Mat Diah and Ab Aziz Yusof respectively.

Tengku Razaleigh urged prudent spending at a time of global economic uncertainty, adding the slump in palm oil and rubber prices is due to declining demand from consuming countries and should not be blamed on the government.