Johari: Impact of rising oil price on Malaysia’s revenue will only be known after one year


Dateline 2018-03-06, Malay Mail:

The impact of rising global oil prices on Malaysia’s revenue will only be known after one year, said Second Finance Minister, Datuk Seri Johari Abdul Ghani.

He said the ups and downs of oil prices would not provide accurate expectations on additional revenue as the oil price announced during the presentation of Budget 2018 was an estimated annual average price.

“During the Budget 2018 presentation, the government estimated 2018’s petroleum revenue to average RM37.8 billion, including petroleum income tax, royalties and ancillary income from Petronas.

“The estimate was based on average oil price of US$52 per barrel. For the period of Jan 1 to Feb 23, 2018, global average oil price was US$67.15 per barrel,” he said at the Dewan Rakyat here today.

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