Soaring oil prices gives govt room to continue fuel subsidies, says Mustapa


KOTA BHARU: The hovering world crude oil prices at the moment give some room to the federal government to continue offering fuel subsidies, says Datuk Seri Mustapa Mohamed.

However, the Minister within the Prime Minister’s Department (Economy) acknowledged that the worth hikes due to the battle between Russia and Ukraine would additionally see an increase in prices of different items, particularly imported objects resembling wheat and corn.

He mentioned the federal government would continue to monitor the scenario, including that it could undoubtedly pose a problem to the nation’s monetary administration.

“(The enhance in oil prices) will enhance income however a number of the income could have to be channelled elsewhere. Estimates haven’t been made, however in the meanwhile it solely is dependent upon assumptions.

“Part of the rise shall be used to pay for extra petrol and diesel subsidies,” he mentioned.

He mentioned this throughout a press convention after officiating the launch of the Siti Khadijah Market Digital Transformation Programme right here, on Sunday (March 6).- Bernama

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