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Malaysia fuel subsidy bill surges to RM3.2 billion amid regional tensions
6 articles |
Updated 2d ago |
Created 2d ago
The Malaysian government's annual budget allocation for petrol subsidies has jumped by 10% this year, reaching a total of over RM3.2 trillion (RM3.2 bilion). This significant increase is driven primarily by soaring global crude oil costs exacerbated by ongoing geopolitical instability in the Middle East and West Asia regions that threaten energy supply chains to Malaysia's refineries.
Key Points
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1The Malaysian government's fuel subsidy expenditure has reached RM3.2 billion.
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2This increase in the budget is attributed to rising global tensions, specifically involving West Asia and Middle East regions affecting oil prices.
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3Key components of this increased burden include subsidies for Budi95 (Budi 80) petrol grade as well as diesel fuel.
Developments
[Mar 13, 2024]
Government expenditure on oil and gas subsidy increased to RM3.2 billion; cited reasons include West Asia tensions (Nst.com.my) or Middle East tensions.
[Mar 13, 2024] - [various times]
Multiple news outlets reported the same figure of RM3.2 billion for fuel subsidies covering Budi95 and diesel (Bharian.com.my, Berita.rtm.gov.my, Kosmo.com.my).