Sarawak deputy minister: Sales tax on petroleum products gains more than 20pc royalty promised by PH in GE14

August 22, 2022

Dateline 2022-06-11, Malay Mail:

The state’s revenue collection this year from the sales tax on petroleum products exports would exceed the figure from the 20 per cent royalty proposed by Pakatan Harapan (PH) in its manifesto for the 14th general election.

Deputy Minister in Premier of Sarawak’s Department (Labour, Immigration and Project Monitoring) Datuk Gerawat Gala said this would translate into rural Sarawak benefitting from greater infrastructure and economic development.


Targeted fuel, cooking oil subsidies in the works

August 16, 2022

Ah, debate date will track election dates:

Dateline 2022-06-07, FMT:

Malaysia has begun work on replacing its blanket petrol and cooking oil subsidies with a more targeted approach, as government spending rises to blunt higher living costs. “The target is to ensure that those who need subsidies will get the subsidies,” economic affairs minister Mustapa Mohamed said in a Bloomberg TV interview today. “The sooner it is done, of course, (the sooner) it will relieve pressure on the government’s budget.” The finance ministry had said on Friday that anticipated subsidies are expected to push the government’s total spending in 2022 “significantly higher”, by about RM30 billion.


Malaysia Says Fuel, Cooking Oil Targeted Subsidies in the Works

August 10, 2022

Dateline 2022-06-07, Bloomberg:

Malaysia has begun work on replacing its blanket petrol and cooking oil subsidies with a more targeted approach, as government spending rises to blunt higher living costs.

“The target is to ensure that those who need subsidies, will get the subsidies,” Economy Minister Mustapa Mohamed said in a Bloomberg TV interview Tuesday. “The sooner it is done, of course, it will relieve pressure on the government’s budget.”


Rafizi’s day in court will put Sapura Energy under scrutiny

August 8, 2022

Dateline 2022-06-05, FMT:

Former Sapura Energy Berhad CEO Shahril Shamsuddin, upset with remarks by Rafizi Ramli, has taken the former Pandan MP to court.

Rafizi had issued the statements because he disagreed with Najib Razak’s suggestion on March 21 that the government inject funds to save Sapura Energy.

He said he would defend his remarks about Shahril’s remuneration in court, adding that what he had said was to “protect public interest”.


PM Ismail Sabri: Oil and gas industry is backbone of Terengganu economy

August 5, 2022

Oo, looks like another 1MDB in the making, how do I get in at the ground floor?

Dateline 2022-06-04, Malay Mail:

Terengganu has undergone a rapid development transformation process with the implementation of various types of projects worth hundreds of millions of ringgit, said Prime Minister Datuk Seri Ismail Sabri Yaakob.

He said the oil and gas industry, especially in Kerteh and Kemaman, was the backbone of the Terengganu economy, which not only attracted many foreign investors but also increased local employment opportunities.


Get going on old plan for targeted fuel subsidies, says economist

July 26, 2022

Why is it that petrol dealerships say they always lose, no matter what the government implements?

Dateline 2022-05-23, FMT:

The government should get going with its plan for targeted fuel subsidies which was hatched 10 years ago, says an economist, amid fears over the rising costs of subsidies.

Universiti Tun Abdul Razak economist Barjoyai Bardai said disputes over the subsidy mechanism had held back the plan, particularly over who qualified for the fuel subsidies based on engine capacity.


Removing fuel subsidies may backfire, says Fomca

July 23, 2022

Obvious open mic material.

Dateline 2022-05-23, NST:

Removing fuel subsidies for Malaysians and permanent residents with locally registered cars amid the soaring prices of goods and rising cost of living may backfire and cause higher inflation.

Federation of Malaysian Consumers Associations (Fomca) chief executive officer T. Saravanan said this was because suppliers and traders were extremely sensitive to fuel prices and would raise the price of goods whether or not they were affected by the subsidy removal.


Azmin: Govt likely to introduce targeted fuel mechanism amid rising crude oil prices

July 22, 2022

I repeat myself like a broken record: more carrot and stick for public transport.

Dateline 2022-05-21, Malay Mail:

The government is likely to introduce a targeted fuel mechanism to cushion the impact of the rising crude oil prices, especially for the lower-income group, said Senior Minister and International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali.

He said the government is still working on a suitable structure following the sharp jump in the fuel subsidy projection for 2022 to RM28 billion, compared to RM11 billion in 2021.

“We talked about the review in a special retreat recently.


You said nothing about PH-era bailouts, Najib tells Dr M

July 14, 2022

Dateline 2022-05-17, FMT:

It’s a slow news period, sue me.

Former prime minister Najib Razak has accused Dr Mahathir Mohamad of being hypocritical following the latter’s disagreement on bailing out Sapura Energy Bhd (SEB).

Yesterday, Mahathir was reported as saying that steps should be taken to trim losses incurred by the oil and gas services company, and that bailing out “failed people” was “not business”.

Taking to Facebook, Najib reminded Mahathir that when he was the prime minister under Pakatan Harapan, Permodalan Nasional Berhad (PNB), headed by then chairman Zeti Akhtar Aziz, had also “bailed out” SEB.


Trim Sapura’s losses, no need for bailout, says Dr M

July 11, 2022

Ah, the funny pages.

Dateline 2022-05-16, FMT:

Steps should be taken to trim losses incurred by Sapura Energy Bhd (SEB), Dr Mahathir Mohamad said today, disagreeing with calls for Putrajaya to bail out the oil and gas services company.

The former prime minister said bailing out “failed people” was “not business”, the New Straits Times reported.