The current fuel subsidy will be reviewed in favour of a targeted programme for the needy due to the sharp rise of global crude oil prices, says Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

The Finance Minister told the Dewan Rakyat that on Thursday (March 10), added that the government could be paying up to RM28bil in subsidies for petrol, diesel and liquefied petroleum gas (LPG) for 2022, as the Russian-Ukrainian war has pushed crude oil prices over US$100 (RM418) per barrel, the highest level seen since 2014.

Tengku Zafrul also said that the big gap between the retail price at the petrol station compared to the actual market price will also result in a higher risk of subsidy leakage caused by petroleum products being smuggled out of Malaysia to neighbouring countries, which have higher retail petrol prices.

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