Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz warned that Malaysia's low petrol retail price of RM2.05 per litre could lead to smuggling due to significant price differences with neighbouring countries. He highlighted that the government’s petrol subsidy is projected to rise to RM28 billion in 2022 if global crude oil prices remain above US$100 per barrel. To manage this financial burden, the government plans to restructure subsidies to focus on those in need and is exploring targeted subsidy approaches for other goods.PETROL RETAIL GAP MAY TRIGGER SMUGGLING
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz warned that Malaysia's low petrol retail price of RM2.05 per litre could lead to smuggling due to significant price differences with neighbouring countries. He highlighted that the government’s petrol subsidy is projected to rise to RM28 billion in 2022 if global crude oil prices remain above US$100 per barrel. To manage this financial burden, the government plans to restructure subsidies to focus on those in need and is exploring targeted subsidy approaches for other goods.
