A Shell gas station in Hercules, California, on Wednesday. The average price of gasoline in the United States jumped above $4 a gallon for the first time since 2008. (Bloomberg photo)
KUALA LUMPUR: Malaysia’s petroleum subsidies bill could more than double to 28 billion ringgit (US$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.
Malaysia spent 11 billion ringgit in petroleum subsidies last year. Its monthly subsidies bill could balloon to 2.5 billion ringgit…
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