Now “Not The Right Time” For Targeted Fuel Subsidies – Tengku Zafrul

November 21, 2022

And I input this, the week of elections.

Dateline 2022-09-08,

For most of 2022 we’ve heard that blanket fuel subsidies will soon be a thing of the past, but so far have not seen many outward facing steps to remove it. According to our Finance Minister, perhaps the government are reconsidering.

Earlier this week while talking to members of the media at the 2022 Wild Digital SEA conference in Kuala Lumpur, Tengku Zafrul Abdul Aziz expressed the sentiment that it might “not be the right time” to implement targeted subsidies.

Finance minister: Govt has enough money to continue fuel subsidy amid rising global crude oil prices

August 19, 2022

See, we aren’t in trouble? Till we are.

Dateline 2022-06-10, Malay Mail:

The government still has sufficient funds to continue to provide fuel subsidy to the people despite rising global crude oil prices.

Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz said the government still has enough money and will continue to support the people in terms of protecting their livelihoods, especially that of the vulnerable groups.

“Our inflation target (this year) is still within what we have said before ― between 2.3 and 3.3 per cent,” he told reporters after the launch of the Khazanah Sustainability Framework & Targets: Investing in a Sustainable Transition 2022 here, today.

Apparently Malaysia Can’t Afford Fuel Subsidies Anymore

April 19, 2022

Expansion and maximizing use of public transport will help delay the climate crisis. And making non-burp durians, important research work, that.

Dateline 2022-03-14, (yup):

Last week, Finance Minister Tengku Zafrul Abdul Aziz expressed his intention to review the fuel subsidies currently in place due to the sharply rising global price of crude oil, which recently has exceeded US$120 per barrel (RM503.16), stimulated by the ongoing Russian-Ukrainian conflict.

A recurring concern of many lately has been the price of fuel, or more specifically how much the price of crude oil has to rise until the Malaysian government is seemingly no longer willing to offer the Rakyat the heavily subsidised RON95 at RM2.05/litre that has been the norm for the past year.

Oil royalty has nothing to do with territorial waters, Zaid tells finance minister

January 7, 2022

Dateline 2021-11-29, FMT:

 Oil royalty payments depend on agreements between states and the federal government and have nothing to do with territorial waters, said former minister Zaid Ibrahim.

The former law minister said this in response to finance minister Tengku Zafrul Aziz’s remarks that there would be no oil royalty payment to any state in the peninsula, including Kelantan.

In a written reply to the Dewan Rakyat, Tengku Zafrul had said although petroleum production was being carried out close to Kelantan, it was taking place outside the state’s waters. He added that Kelantan would continue to receive “wang ehsan” (goodwill payment) for petroleum produced off its coast.

Kelantan disappointed with ‘no oil royalty’ decision

January 5, 2022

Dateline 2021-11-26, FMT:

The Kelantan state government has expressed disappointment with Putrajaya’s confirmation that Petronas will not be paying any oil royalty to the state.

Finance minister Tengku Zafrul Aziz had said yesterday that there will be no oil royalty payment to any state in the peninsula, including Kelantan.

He said Kelantan would continue to receive “wang ehsan” (goodwill payment) for petroleum produced off its coast.

Kelantan deputy menteri besar Mohd Amar Nik Abdullah said Tengku Zafrul’s announcement, which was published in HarakahDaily, was shocking.

Controversy as RM4bil Sabah gas pipeline project revived

November 2, 2021

Dateline 2021-10-23, FMT:

Questions are being raised over the revival of a multi-billion ringgit project in Sabah that was scrapped by the Pakatan Harapan (PH) administration in 2018.

The scrapping of the Trans-Sabah Gas Pipeline (TSGP) project was widely reported at the time, though its revival by the Perikatan Nasional-led government was only recently revealed in Parliament.

DAP’s Kota Kinabalu MP Chan Foong Hin was the first to highlight the issue after learning the project was back on track following a written parliamentary answer from finance minister Tengku Zafrul Abdul Aziz.

Tengku Zafrul: Govt committed to ensuring Petronas returns to profitability

October 8, 2020

hahahahahahahaha, to carry on from yesterday’s laugh. Or should it be (sad face) as this smacks of subsidy. To PETRONAS. To get profitability and dividends. From PETRONAS.

How about just not getting dividends for the next say 2 years and letting us service providers gracefully transition (with subsidies) to other industries?

Dateline 2020-09-06, Malay Mail:

The government is committed to ensuring that Petroliam Nasional Bhd (Petronas) is able to return to profitability, but it depends on world oil prices.

Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the loss announced by Petronas two days ago were due to the fall in oil prices but for now they have shown an increase.

“If I am not mistaken, in March and April (Brent crude) oil price fell to US$20 per barrel. At least now there is an increase (in oil price) in the global economy … the projected oil price this year is about US$40 per barrel, so the projection is still within our range,” he told reporters here today.

Tengku Zafrul was commenting on Petronas’ announcement on its net loss of RM21 billion in the second quarter (Q2) ended June 30 2020, dragged by huge impairments on assets and weaker oil prices, against a profit of RM14.7 billion in the same quarter last year.