Gov’t reiterates that fuel subsidy bill is projected to be RM30 bil for 2022, based on current global oil prices

Ah, so about 0.6 1MDB then (USD 4.5 billion)

Dateline 2022-06-24,

The government has reiterated that the country’s fuel subsidy bill for 2022 is projected to rise to about RM30 billion, based on global oil prices being what they are at present. In May, that projection for 2022 was placed at RM28 billion, but this was then revised to RM30 billion earlier this month.

Economy minister Datuk Seri Mustapa Mohamed said this would be 170% higher than the RM11 billion spent on fuel subsidies last year. He said that the year-to-date Brent crude oil price currently stands at around US$106 per barrel, a discrepancy of US$40 against the federal Budget 2022’s assumption that the average crude oil price would be priced at US$66 per barrel.

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