ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Economy

Malaysia oil subsidies could more than double in 2022: finance chief

Tengku Zafrul warns of $6.7bn bill if Ukraine war keeps crude above $100

Malaysian Finance Minister Tengku Zafrul Aziz told parliament the government has already started boosting subsidies, which were up tenfold on the year in January.   © Reuters

KUALA LUMPUR (Reuters) -- Malaysia's petroleum subsidies bill could more than double to 28 billion ringgit ($6.7 billion) this year if crude oil prices remain at elevated levels following Russia's invasion of Ukraine, the finance minister said on Thursday.

Finance Minister Tengku Zafrul Aziz told parliament the government has already started boosting subsidies, spending 2 billion ringgit on petrol, diesel, and liquefied petroleum gas subsidies in January - a tenfold increase from the same month last year.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more