KUALA LUMPUR (March 10): The government will review the fuel and cooking oil subsidy mechanism, so that it will be more targeted towards aiding and subsidising the vulnerable groups and those who really need help, Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said. Tengku Zafrul said the current subsidy scheme entails subsidised prices enjoyed by all, regardless of rich or poor. "If the world crude oil price remains above US$100 per barrel, total subsidies for the whole of 2022 are expected to reach RM28 billion compared with RM11 billion for 2021." Tengku Zafrul said consumers currently pay only RM2.05 per litre for RON95 petrol but the actual cost in March had reached RM3.70 per litre. Hence, the increase in subsidy costs needs to be offset by increased revenue and cost savings,” he explained.

Source: The Edge Markets March 10, 2022 22:04 UTC