The Malaysian government still has sufficient funds to continue to provide fuel subsidies to the people despite rising global crude oil prices, Finance Minister Tengku Zafrul Abdul Aziz has said.
Kuala Lumpur (VNA) – The Malaysian government still has sufficient funds to continue to provide fuel subsidies tothe people despite rising global crude oil prices, FinanceMinister Tengku Zafrul Abdul Aziz has said.
The government still hasenough money and will continue to support the people in terms of protectingtheir livelihoods, especially that of the vulnerable groups, he told reporterson June 10.
Malaysia’s inflation target forthis year is still between 2.3 percent and 3.3 percent, the minister said,adding that the government will continue to monitor global oil prices to seethe long-term plan where one of the measures is to implement a targeted subsidy.
He said the amount ofthe subsidies for this year will reach 70 billion ringgit (15.9 billion USD). Based on Brent oilprice forecast for May 2022, the amount of fuel subsidy has reached 5 billionringgit a month.
He emphasised that government revenuehas also rose although the increase is not as high as that of subsidies.However, it will continue to monitor as this is not only a phenomenon inMalaysia but also at the global le𓃲vel, he said./.
Malaysia’s consumer price index (CPI) in April increased 2.3 percent to 125.9 compared with 123.1 in the same month last year, the Department of Statistics Malaysia has said.
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Malaysia’s inflation increased by 2.5 percent, driven by the rising food and fuel prices in 2021, the Department of Statistic Malaysia (DOSM) has said.
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A petro station in Malaysia. (Photo: paultan.org) 
