Elevated oil price effect on Budget 2024

SERC's Lee pointed out that higher oil prices would increase oil-related revenue for the government, but that would be partially offset by fuel subsidies.

PETALING JAYA: As Malaysians begin to set their sights on the tabling of Budget 2024, which is less than a month away, another macroeconomic factor has been emerging on the horizon.

The price of crude oil has crept up steadily since the turn of the year, with the Brent crude oil contract having appreciated by 16.5% since Jan 3, although on a year-on-year perspective, the price rise has been a relatively much smaller 3%.