According to the Auditor-General’s Report 2022, the government spent a total of RM55.443 billion on subsidies last year, which represents an increase of RM42.309 or 322.1% from 2021 where RM13.134 billion was spent.
Data from the report also revealed that petroleum products made up the bulk of subsidies, accounting for RM45.184 billion or 81.5%. The AG said the subsidies paid for petroleum products involved RON 95, diesel and liquified petroleum gas (LPG) supplied by 15 companies from December 2021 to October 2022.
The subsidies were paid based on the difference in the sales price set by government and the actual market price. It added that in 2022, the average price per barrel of petroleum in the global market increased to USD100 compared to USD71 in 2021. Even so, the retail price of these products set by the government remained unchanged since 2021.
Referring to schedule 2.16 in the report, the amount of RON 95 subsidies hit RM23.075 billion in 2022, which is 416.3% more than in 2021. Diesel subsidies recorded an even higher percentage increase of 543.5% to RM18.667 billion, while LPG climbed 29.7% to RM3.44 billion.
Meanwhile, Malaysia’s fiscal deficit for 2022 was recorded at RM99.482 billion, or 5.6% of GDP. By comparison, the total deficit in 2021 was RM98.74 billion, or 6.4% of GDP.
The post Malaysia government spent RM45.184 billion in 2022 to subsidise RON95, diesel, LPG; 81.5% of total subsidies appeared first on Paul Tan's Automotive News.
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