KUALA LUMPUR, Oct 10 — The government is expected to increase its subsidy allocation next year on the back of rising oil prices, which could lead to higher subsidy for petroleum...
The government is expected to increase its subsidy allocation next year on the back of rising oil prices, said Economy Minister Rafizi Ramli. — Picture by Sayuti ZainudinKUALA LUMPUR, Oct 10 — The government is expected to increase its subsidy allocation next year on the back of rising oil prices, which could lead to higher subsidy for petroleum products, said Economy Minister Rafizi Ramli.
Crude oil price hit US$80 per barrel last month and analysts have raised their 2024 oil price forecasts up to US$100 per barrel. The Auditor-General Report earlier today revealed that the Federal Government spent RM55.443 billion on subsidies in 2022, which is an increase of 322.1 per cent or RM42.309 billion, against RM13.134 billion in 2021.
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