SERDANG: Prime Minister Datuk Seri Najib Razak said the savings from fuel subsidies can be used for socio-economic development which will benefit the people.
He said last year fuel subsidies cost the government RM24 billion but the new system will bring savings between RM10 and RM12 billion.
Najib said savings from fuel subsidy cut could be channelled to the agricultural sector to benefit farmers and fishermen
"The savings can be allocated to help farmers and fishermen in rural areas who have low incomes," he said when delivering his speech at the opening of MAHA 2014 at the Malaysia Agro Exposition Park here this morning.