It is not feasible to introduce additional fuel subsidies in Malaysia to reduce fuel prices in the country, and between RM30 billion to RM40 billion is being spent in subsidies to fuel prices at their current levels, such as RON 95 petrol at RM2.05 per litre, prime minister Datuk Seri Anwar Ibrahim said according to The Star.
“The 2023 fuel prices in Saudi Arabia are higher than in Malaysia, and how much cheaper can we go? Subsidies are already skyrocketing,” the Malaysian prime minister said in a video clip on X (formerly Twitter) yesterday.
“Despite producing much more oil, Saudi Arabia’s fuel prices are still higher than ours,” Anwar said. He acknowledged criticism over his previous election campaign promise in 2008 to bring down fuel prices, and said that the present economic situation is different now compared to what it was at that time.
“That was in 2008, when oil prices in Saudi Arabia were 50 cents a litre, which was RM1.80 at the time,” the prime minister said. One litre of RON 95 petrol in Saudi Arabia is currently priced at 2.33 riyal (RM2.93), The Star reported.
Last month, the prime minister said that the price of petrol cannot be lowered to RM1.50 per litre due to the current price of crude oil. “Petrol in Saudi Arabia is RM2.84 per litre, while in Malaysia it is RM2.05 per litre,” he told the Dewan Rakyat last month.
Saya sedar ramai yang menggunakan petikan ucapan saya berkenaan janji menurunkan harga minyak yang diungkapkan 15 tahun lalu, dan menuntut janji itu sekarang.
Mengapa harga minyak ketika ini masih belum turun? Ini jawapan saya.#MalaysiaMADANI pic.twitter.com/I5Q05qUcyt
— Anwar Ibrahim (@anwaribrahim) October 3, 2023
The post PM Anwar Ibrahim reiterates why petrol cannot be RM1.50 per litre, billions already spent on subsidies appeared first on Paul Tan's Automotive News.
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