According to the Malaysian finance ministry (MoF), the government is currently projected to spend RM2 billion and RM1.5 billion a month to subsidise RON 95 petrol and diesel respectively, as global Brent crude eases to under US$90 (RM364) a barrel from a previous US$120 (RM486) high, Bernama reports.
“Although the global petroleum market has shown signs of greater stability in recent weeks, the international oil market continues to be influenced by uncertainties surrounding physical supply, global inventory levels and seasonal demand across several key regions,” MoF said in a recent statement.
From just RM700 million in January, Malaysian fuel subsidies ballooned to RM5 billion in March before peaking at RM7.5 billion the following month, due to the rise in global oil prices brought about by the ongoing West Asian conflict.
Finance minister II Datuk Seri Amir Hamzah Azizan said recently that the country’s ability to withstand external shocks and manage rising subsidy costs have been strengthened by reforms over the past few years, without which, the government could be spending over RM10 billion a month on subsidies.
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PMX.Dont chop Health budget.Thanks for maintaining Ron 95 price.Chop the Education budget..the worst performer..with rapes,murders,gangsterism,bullying at very alarming levels.And sack the incompetent menteri.She is a waste of public funds.Dont compromise kesihatan of rakyat.Kementerian Pelajaran,should be targeted,for cuts.