Malaysia could spend $9 billion in oil subsidies in 2022: Finance minister

KUALA LUMPUR - Malaysia's petroleum subsidies Bill could more than double to RM28 billion this year if crude oil prices remain at elevated levels following Russia's invasion of Ukraine, the finance minister said on Thursday .

Finance Minister Tengku Zafrul Aziz told Parliament the government has already started boosting subsidies, spending RM2 billion on petrol, diesel, and liquefied petroleum gas subsidies in January - a tenfold increase from the same month last year.Its monthly subsidies bill could balloon to RM2.5 billion if the war in Ukraine, which Russia calls a"special operation",as global supplies are squeezed, Datuk Seri Tengku Zafrul said.

He added the government was reviewing its subsidy mechanisms to ensure the handouts reach targeted vulnerable groups, as prices of other subsidised goods such as cooking oil are also set to rise."So the increase in subsidies needs to be offset by additional revenue and expense savings."

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