Malaysia axes fuel subsidies as oil prices drop
Malaysia's government says it will completely withdraw fuel subsidies from next month, following the plunge in global oil prices.
He said Friday the move will allow Malaysians to enjoy the full benefits of the fall in global crude prices.
The world oil price has plummeted 31 percent in just five months, a sharp drop after a four-year period of prices near or above $100 a barrel.
Neighboring Indonesia on Monday also sharply raised fuel prices, saying costly government subsidies would be better spent on infrastructure and development.
- Associated Press
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- November 21, 2014
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