Subsidies Soar To RM3.2 Bln Amid Global Oil Price Surge – PM Anwar

KUALA LUMPUR, March 22 (Bernama) -- Government subsidies have risen from around RM700 million to RM3.2 billion in less than a week following the surge in global oil prices caused by the conflict in West Asia, said Prime Minister Datuk Seri Anwar Ibrahim.

In a Facebook post today, he said that amid an increasingly uncertain world, efforts to protect the welfare and well-being of the people remain a priority for the MADANI Government.

“The public and the majority of traders do not need to pay full market prices because these subsidies are channelled through BUDI MADANI RON95 (BUDI95) and BUDI Diesel,” he said.

The Prime Minister noted that since the rise in global oil prices following the West Asia conflict, triggered by attacks by the Israeli regime and the United States (US) on Iran, many have questioned why Malaysia, an oil-producing country, is also affected.

He said the Strait of Hormuz, a major global oil route, has been disrupted by the conflict, causing global oil supplies to tighten and prices to surge.

Anwar explained that Malaysia is affected because nearly 50 per cent of the country’s oil supply passes through the strait.

“Although Malaysia is an oil producer, we actually import more oil than we export,” he said.

On Feb 28, the US and Israel began attacks on targets in Iran, including Tehran, causing damage and civilian casualties.

Iran then launched retaliatory strikes on Israeli territory and US assets in West Asia, and also closed the Strait of Hormuz.

-- BERNAMA