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Malaysia's Fuel Subsidy Soars to RM3.2 Billion Amid Oil Spike

3/24/2026

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Summary

Story summary

The fuel subsidy bill rose from RM700 million to RM3.2 billion in less than a week as oil prices neared US$120 per barrel.
Prime Minister Anwar Ibrahim attributed the surge to disruptions in the Strait of Hormuz, noting that rising costs affect transportation, food prices, and household spending.
Malaysia imports nearly half its oil, contributing to a trade deficit exceeding US$7 billion.

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Story summary

The fuel subsidy bill rose from RM700 million to RM3.2 billion in less than a week as oil prices neared US$120 per barrel.
Prime Minister Anwar Ibrahim attributed the surge to disruptions in the Strait of Hormuz, noting that rising costs affect transportation, food prices, and household spending.
Malaysia imports nearly half its oil, contributing to a trade deficit exceeding US$7 billion.