Round-the-clock breaking news from Malaysia.
Prime Minister Anwar Ibrahim has defended the government's decision to cap BUDI95 fuel subsidies at 200 litres monthly, stating this allocation meets the needs of most Malaysian motorists whose average consumption is around 100 litres per month.
Prime Minister Anwar Ibrahim has underscored the government's significant financial commitment to fuel subsidies, disclosing that Malaysia allocates between RM40 billion and RM45 billion annually to protect consumers from rising petrol and diesel costs.
Malaysia faces potential monthly fuel subsidy costs of RM3.5 billion if crude oil prices stabilise around US$90 per barrel, with RON95 consuming RM2 billion and diesel RM1.5 billion monthly.
Prime Minister Anwar Ibrahim has defended the government's fuel pricing approach, noting that Malaysia's RM40 billion annual subsidy commitment already stretches resources, making further price cuts fiscally untenable without jeopardising the nation's economic stability.
Malaysia's government will maintain all existing subsidies and assistance programmes despite projecting nearly RM40 billion in petroleum product subsidies this year due to regional tensions in West Asia, Deputy Finance Minister Liew Chin Tong announced.
Malaysian Parliament is set to discuss widespread internet access problems, the geopolitical impact on fuel subsidy expenditure, and financing barriers for informal sector workers in today's sitting.