According to the Auditor-General’s Report 2022, the government spent a total of RM55.443 billion on subsidies last year, which represents an increase of RM42.309 or 322.1% from 2021 where RM13.134 billion was spent.
Data from the report also revealed that petroleum products made up the bulk of subsidies, accounting for RM45.184 billion or 81.5%. The AG said the subsidies paid for petroleum products involved RON 95, diesel and liquified petroleum gas (LPG) supplied by 15 companies from December 2021 to October 2022.
The subsidies were paid based on the difference in the sales price set by government and the actual market price. It added that in 2022, the average price per barrel of petroleum in the global market increased to USD100 compared to USD71 in 2021. Even so, the retail price of these products set by the government remained unchanged since 2021.
Referring to schedule 2.16 in the report, the amount of RON 95 subsidies hit RM23.075 billion in 2022, which is 416.3% more than in 2021. Diesel subsidies recorded an even higher percentage increase of 543.5% to RM18.667 billion, while LPG climbed 29.7% to RM3.44 billion. Meanwhile, Malaysia’s fiscal deficit for 2022 was recorded at RM99.482 billion, or 5.6% of GDP. By comparison, the total deficit in 2021 was RM98.74 billion, or 6.4% of GDP.
To combat this, it is known that the Malaysian government is working towards introducing a targeted fuel subsidy system (only those deserving of it will enjoy cheaper fuel, the rest to pay full market prices), which may be rolled out via the MySejahtera app. Expect prime minister Datuk Seri Anwar Ibrahim to announce an update on this during the tabling of Budget 2024 this Friday.
On the other hand, a Malaysian think thank is also suggesting that it would be better for Malaysia to just increase fuel prices by 20 sen every three months, even to a full RM1 above the market price (currently around RM3.30 per litre of RON95, compared to the subsidised rate of RM2.05) to reduce Malaysia’s fiscal deficit more quickly and effectively. What do you think of all this – which way should we go?
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Anwar menang subsidi hapus
Uncle jutawan bersara rumah 5 buah
bulan2 kutip sewa x sumbang LHDN
Kereta dia dpt subsidi minyak ke?
Mcm si madey dh bersara harta Biliyun2. Dapat sabsidi minyak lah… Takbirrr x3
Rapizi tiada kat PT. Cuba u cari kat Putrajaya.
Refer my name
Refer Restoran Jai Hind
Told ya better remove the protection for EV cars below RM100K now rather than wait year 2025! Stop pampering the failed national car scams!
Mythomania bermaksud kelainan psikologi yang menyebabkan seseorang mempunyai perilaku berbohong secara terus-menerus dan dalam jangka waktu yang lama.
Berikut adalah ciri-ciri mythomania:
– Pembohongan mereka tidak mempunyai kelebihan tertentu
– Kisah biasanya dramatik, rumit, dan sangat terperinci
– Biasanya mereka menjadi penyelamat atau mangsa utama dalam cerita
– Mereka percaya bahawa kisah mereka benar-benar berlaku
– Pembohongan diceritakan berulang kali.
Ya lah, kamu berulang lagi pasal dah kenal sangat dgn ‘mythomania’ kerana kamu masih nak berbohong kpd diri sendiri yg kamu ni PM Zimbabwe, walaupun sebenarnya jawatan PM Zimbabwe tidak wujud lagi sejak 10 tahun yang lalu bila perlembagaan Zimbabwe diubah.
Just follow the Singapore model. And we will prosper like them. No corrupt ministers like in UMNO.
Then the saving money goes where? anwar gov cut all subside food and petrol while remain all AP tax and GLC company.
Readjust the tax structure of all vehicles, both private and commercial in order for consumers to have competitive prices, at the same time discontinue all the fuel subsidies
What to do with our shitty public transport system, everyone has to drive to work.
What about profit from the higher oil prices?
Tell story must tell both sides to complete the equation
Ok then tell us of all that subsidy tell us how much was
consume for T20 and how much for M40 and B40 and we will call you a liar.
float petrol prices in exchange abolish all excise and duties applied to vehicles. abolish ap also.
no need for costly and time wasting subsidy which will have leakages.
cheaper car price all around and those that need transport can get a cheaper car to travel.
fuel efficiency will be the key.
Reduce fuel subsidy and reduce excise duties is great way to find a balance.
Nevertheless, I think AP should remain, but only for models not sold by the official distributors here.
Subsidize those who needs them (B40 that needs to travel a lot) using different means on individual basis. Free RM200 per month top-up TnG on IC or something.
How much more we spend on membela bloated government servant, useless project and corruption
If subsidy is removed, the present government will loose in the next election. The subside mentally is ingrain
The winner will still have a big headache with the huge government debt & may suffer mental anguish…
Of course the number increases! MCO still enforced in 2021. Fuel price still very low at the time and less vehicles on the road..
Fine.. keep on feeding rakyat with b s.. there still many who like those
The data they compared with was flawed. The timeline when we were hit by Covid and MCO, the petrol usage definitely was lower and the oil price at that time also cheaper because global pandemic halted all transportation carrying people i.e; bus, aviation etc. Please compare with more relevant data to support that claim