Sugar prices will be raised by 20 sen per kg while RON95 petrol, diesel and liquified petroleum gas (LPG) all go up by five sen. The breakdown of the new prices are as follows:
RON 95 grade petrol - from RM1.85 to RM1.90 per litre
Diesel - from RM1.75 to RM1.80 per litre
White refined coarse granulated sugar - from RM1.90 to RM2.10 per kg
Liquified petroluem gas - from RM1.85 to RM1.90 per kg
Malaysiakini, which was invited for the briefing, was however barred from entering the Implementation Coordination Unit headquarters at the Prime Minister's Office. An official announcement from the Prime Minsiter's Office on the price increase is expected at 8 tonight.
Third sugar price hike
This is the third time sugar prices have been raised this year. It was hiked by 20 sen on Jan 1 and again by 20 sen on July 15. On July 15, Prime Minister Najib Abdul Razak also announced the RM0.05 increase for diesel, RON 95 and RON 97 petrol.
The price of RON 97 petrol is now determined by a managed float and has gone up twice since July 15. The latest price announced on Dec 1 was RM2.30 per litre. On May 27, Pemandu unveiled its proposals for the government to undergo a “subsidy rationalisation”.
Pemandu, a unit established under the Prime Minister's Department, had warned that the Malaysia may face bankruptcy by 2019 should subsidies not be reduced. Idris Jala, Pemandu's chief executive officer, said that Malaysia risks becoming like Greece, which is now debt-ridden if it does not shed subsidies.
However, critics are concerned that the majority of the public will suffer due to inflation coupled with stagnating wages while the government continues on its spend thrift ways.
Source : http://www.malaysiakini.com/news/149925
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