Malaysia’s fuel subsidy bill jumps to US$811 million amid Iran war

Malaysia’s fuel subsidy bill has surged more than fourfold in under a week due to the sharp spike in global oil prices triggered by the US-Israel war on Iran. The national monthly RON95 petrol and diesel subsidies have risen from 700 million ringgit to 3.2 billion ringgit (US$177.4 million to US$810.9 million), Prime Minister Anwar Ibrahim said on Sunday in an explainer video shared on social media. The disruption in the Strait of Hormuz, through which 20 per cent of the world’s oil supply...

By The Star