
(malaysiakini) Earlier during his one-hour speech, Najib had quoted free-market economist Adam Smith to argue that Malaysia's fuel subsidies had been inefficient. He cited the example of local fishermen who got diesel at RM1 per litre as it was heavily subsidised by the government.The levels of fish caught have stagnated while the use of diesel went up, lamented Najib. He said the government's move to slash fuel subsidies was "the only sensible macro policy"."In terms of the nation, we don't want to use oil wastefully," said Najib, who described last week's sharp fuel hike of around 40 percent as "politically painful" and "difficult".Najib also explained that it was "important to educate the Malaysian public that the day of reckoning will come"...