The removal of subsidies in the second half of 2024 will see the price of fuel rise from two to three times the current rates
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Malaysia’s elderly population is set to feel the full force of its planned removal of fuel subsidies. Plans to remove Malaysia’s fuel subsidies are set to add to cost of living challenges, particularly for its elderly population who rely heavily on fixed incomes. The removal of subsidies in the second half of 2024 will see the price of fuel rise from two to three times the current rates.
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As the price of fuel increases, the most direct and immediate effect will be on transport costs which form the backbone of industry and individual mobility. Rising transport costs may be more severe for economically disadvantaged or vulnerable populations, including the poorer and/or elderly. In 2020, over seven per cent of Malaysia’s population was aged 65 years and above.
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