Fuel demand faces downside pressures from high global oil prices and energy transition initiatives.
BMI said the government’s move to cut fuel subsidies will be met with resistance from industries especially manufacturing entities.
It forecasted that Malaysia’s real gross domestic product growth would register at 4.2% in 2023 and further improve to 4.42% in 2024. “Though the government has not announced drastic measures to cut subsidies, we can expect a complete reduction in fuel subsidies for high-income groups. “However, we expect the government will continue to maintain fuel subsidies for public transportation services to keep transportation costs down,” BMI said.BMI estimates demand for electric vehicles in Malaysia would far outstrip that of internal combustion engine cars within the 2023-2032 forecast period.
“Though the Malaysian government postponed the implementation of the B20 biodiesel programme in 2022, it indicates in its National Energy Transition Roadmap that it will establish a B30 mandate for land transport by 2030,” it added.
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