Fuel subsidy bill rises over 4-fold to US$813 million monthly as Malaysia absorbs soaring price: Minister
CNA
The Malaysian government is in a strong position to absorb the higher costs due to the various fiscal reforms and consolidation measures implemented over the past three years, said Finance Minister II Amir Hamzah Azizan.
KUALA LUMPUR: The Malaysian government’s fuel subsidy bill is projected to surge over four-fold to about RM3.2 billion (US$812.8 million) per month, up from RM700 million previously, as global oil prices climb amid the escalating Iran war.
Finance Minister II Amir Hamzah Azizan said on Friday (Mar 13) that despite the significant increase, the government will maintain the current prices of subsidised petrol and diesel.
This means that the government will maintain the price of RON95 petrol at RM1.99 per litre under the BUDI95 subsidy scheme for eligible Malaysians.
Amir Hamzah added that the government’s monthly petrol subsidy has increased to RM2 billion while the diesel subsidy has risen to RM1.2 billion per month.
The minister stressed that the Malaysian government is in a strong position to absorb the higher costs due to the various fiscal reforms and consolidation measures implemented over the past three years.
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The Malaysian government is in a strong position to absorb the higher costs due to the various fiscal reforms and consolidation measures implemented over the past three years, said Finance Minister II Amir Hamzah Azizan.
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