Economists say the spike in oil prices following the attacks on Saudi oil fields will mean more money for the Treasury as Malaysia is an exporter of oil. FMTNews
Lim Guan Eng says Petronas’ revenue and the government’s fuel subsidy will increase after crude oil prices spiked following the incident in Saudi Arabia.
Bank Islam Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said higher oil prices were a boon to the government but it needed to strike the right balance on whether to spend for long-term investments such as development expenditure or short-term remedies such as subsidies or cash transfers.
On Monday, Finance Minister Lim Guan Eng said Petroliam Nasional Bhd’s revenue and the government’s fuel subsidy would increase after crude oil prices spiked following the incident in Saudi Arabia. “Prices could remain elevated as repairs are performed but unlikely to go higher than May highs as Saudi Arabia will tap into reserves and tame the oil price. Also, there is much reserves globally.
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