10 Mar '11, 6am

DTN Asia: M'sia to lose $1.3b more due to oil price hike: Kuala Lumpur (The Star/ANN) - Malaysia is expected to

Kuala Lumpur (The Star/ANN) - Malaysia is expected to lose an additional 4 billion ringgit (US$1.3 billion) in fuel subsidy this year in the face of higher crude oil prices , said the Prime Minister . The additional 4 billion ringgit pushes up the fuel subsidy under Budget 2011 to 14 billion ringgit, compared with the 10 billion ringgit estimation last year when oil prices hovered around US$85 to US$90 per barrel. The increase in fuel subsidy would raise the budget deficit -- which the Government has targeted for 5.4% of gross domestic product for this year. Last year, the figure was 5.6%, while the target was to lower the deficit to 2.8% by 2015. Prime Minister Najib Tun Razak said the deficit for this year would depend on how much revenue the Government would get against the increase in subsidy costs. Late last month Najib said there could be a review of the fuel subsidy...

Full article: http://sg.news.yahoo.com/msia-lose-1-3b-more-due-oil-pric...

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