Fuel subsidy not a sustainable option

I am compelled to write after reading the report “Pray that oil prices stay low, says PM” (The Star,
Sept 3). The recent announcement regarding the retail fuel prices has left me perplexed to the actual direction
of our economic policy. Although I agree that a downward revision in fuel price may provide temporary reprieve to the general public, I cannot help but fear that such a revision, while maintaining a fixed subsidy, is a monumental policy folly. Just like everyone, I was equally affected by the hike of the fuel price in June. However, I was also aware that the continuation of fuel subsidy is an economic fallacy, one that if allowed to continue would be a major detriment to the economic well-being of our future generations. Suffice to say that the fuel subsidy has created a lot more negatives than positives.