The government has reiterated that the country’s fuel subsidy bill for 2022 is projected to rise to about RM30 billion, based on global oil prices being what they are at present. In May, that projection for 2022 was placed at RM28 billion, but this was then revised to RM30 billion earlier this month.
Economy minister Datuk Seri Mustapa Mohamed said this would be 170% higher than the RM11 billion spent on fuel subsidies last year. He said that the year-to-date Brent crude oil price currently stands at around US$106 per barrel, a discrepancy of US$40 against the federal Budget 2022’s assumption that the average crude oil price would be priced at US$66 per barrel.
He said that Malaysia, despite being one of Asia-Pacific’s largest producers and exporters, is not impervious to the challenges of recent years, including the Russian-Ukraine war, the plunge in oil prices in 2014 and the Covid-19 pandemic, the Malay Mail reports.
Mustapha said the war in Ukraine and the subsequent sanctions have led to a lot of uncertainty and volatility in the commodities market. “Energy prices — significantly oil — have spiked to triple-digit levels, putting upward pressure on prices globally,” he said.
The goverment has said that it is reviewing the fuel subsidy programme and is looking at implementing targeted subsidies to ease its increased spending on subsidies, although no time frame for this implementation – or how it will be accomplished – has been offered.
Earlier this month, finance minister Tengku Datuk Seri Zafrul Abdul Aziz said that the government still has sufficient money to continue providing fuel subsidy in a blanket manner despite rising global crude oil prices, but indicated that targeted subsidies is the long-term plan.
Looking to sell your car? Sell it with Carro.
Targeted subsidiary plan. Pls cut your own high salary for doing nothing first!
Gomen still rich. Subsidize everyone laa
Rich or not, a responsible govt is one that prioritise those worst affected.
We only need 18 ministers only instead of 73 now. More if we include useless advisors with ministrial level. This is where the real leakage came.
I wonder why PH never reduce the ministerial headcount. Instead they talked about having 2 deputies for each minister, perhaps they do not trust each other, which evidently was quite true when their Government could not even last 1 term.
Dont forget to reiterate senior gomen position income, glc senior position income, etc, etc ya.
am I missing something here? Msia produces and exports oil. increase in crude means more profit. that is why there is a subsidy and the higher the crude , the more money there is available to subsidise kan?
all this nonsense of price increases affect those that do no produce and have to buy at higher price only
Therefore, make EV cars cheaper laaaa…. Nampak tak kebodohan nyer…..
Do thing progressively,
Show your route map.
Businessman will then adapt,
Rakyat will then adapt.
We all know subsidy petrol is heavy,
But it helped to keep local economy running stable,
support low cost competitive export too.
You get the tax return anyway, no?
Tenkiu Gomen for this great sacrifice for the the betterment of Rakyat Malaysia in these hard times.
#BetterNation #KeluargaMalaysia #BNWin
Sad macai BN working overtime to get his dedak
Johor Sultan have enough of PH after 60 years telling lies, being treated like an adopted son while we Malaysians are being treated like secondary citizens. It’s only PH ministers and troopers receiving big salaries that don’t have enough of it. Thank you Sultan for having the courage to say it loud.
every conversation must have a purpose. so this is to remind us we will go broke soon or government’s prihatin level has increased quarter over quarter?
OK.Pls STOP spewing toxic dragon flames to frighten the poor covid striken rakyat.
Tengku Z said got enough$$$.Now this grandpa dude give this type of press release.Assmin maverick said BMW owners should not get fuel subsidy.
If so gung hu,pls launch GST,abolish fuel subsidies,float chicken and bottle cooking oil on July 1,and raise TNB charges all at one go.
Within one week,sure U turn..due to massive backlash.Like the karate dude in YIP Man 4, “I DARE YOU”.
Can’t smell the rotten egg?
Paving the way to remove subsidy again.
Then later, increase their salary, benefits, cars, allowance & others.
All this have happened b4… and happening again.
Really gave up in hoping for a better Malaysia.
Ello Brader you politicians songlap almost all over taxes so least you can do is keep quiet and continue pay fuel subsidies. You want to talk about money ? You know how much your puak has lost over 60 years almost few trillion so dont talk a lot.
We lost more money in 22mths failed PH era than all of 60years under BN. Their puak was so hungry for 60 years that they baham everything when at last given the power. Say NO to PH ever!
Malays are forbidden to take tainted corruption $$$ according to our religion. Be damned in hell??
No worries. Us Chinese dun care where the money comes from when the colour and quantity is correct. Budget extra 10% for me ya :-)
We only need 18 ministers only instead of 73 now. More if we include useless advisors with ministrial level. This is where the real leakage came.
Copy paste: “I wonder why PH never reduce the ministerial headcount. Instead they talked about having 2 deputies for each minister, perhaps they do not trust each other, which evidently was quite true when their Government could not even last 1 term.”