# Diesel prices will be raised to RM2.58 a litre
# RM625 rebate for cars below 2000cc
# Tenaga Nasional will raise electricity prices from July

MALAYSIA will raise pump prices of petrol by about 41 per cent, or 78 sen, to RM2.70 (84 US cents) a litre.

Diesel prices will be raised to RM2.58 a litre.

The new prices of petrol and diesel are far lower than the RM5.20 and RM4.22 for the fuels respectively in Singapore.

The announcement today is part of the government’s new fuel subsidy scheme mechanism which seeks to reduce the fuel subsidy amounting to an annual RM53 billion.

Domestic Trade Minister, said today the new price of RM2.70 did not reflect the full market value, which could be as high as RM3.00-RM4.00 when the price controls are completely removed in August.