KUALA LUMPUR, Oct 14 — Malaysia’s refined fuel consumption is projected to grow at a much slower pace than anticipated over the next 10 years, averaging at around 1.5 per cent...
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KUALA LUMPUR, Oct 14 — Malaysia’s refined fuel consumption is projected to grow at a much slower pace than anticipated over the next 10 years, averaging at around 1.5 per cent through 2023 to 2032. “The near-term outlook for fuel consumption points to the upside, but the pace of demand growth could slow down in the long term as the government plans to implement policies aiming to cut fuel subsidies and accelerate energy transition initiatives,” BMI said in its outlook for Malaysia’s energy transition report today.
“We expect the government’s move to cut fuel subsidies will be met with resistance from industries, especially manufacturing entities which rely heavily on subsidies for industrial production. However, BMI said the pace of growth in the electrification of the transport industry would face challenges related to the lack of affordable EV models and the slow expansion of charging infrastructure.
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