KUALA LUMPUR — Nov. 15, 2017: The government is considering giving additional payouts under the 1Malaysia People’s Aid (BR1M) if it gains more revenue from the rising crude oil price.
“If the government gets more revenue from increased oil prices, we can use the extra income to help the low-income group such as BR1M recipients. Most likely we can consider BR1M extra,” said Second Finance Minister Datuk Seri Johari Abdul Ghanihe when winding up the debate for his ministry on the Supply Bill 2018.
Responding to Datuk Seri Ahmad Hamzah (BN-Jasin) on the revenue earned from higher oil prices, Johari however said the additional payouts would not be a permanent feature.
He told the house that for every US$1 per barrel increase in the crude oil price, the government would earn additional income of about RM300 million.
To a question from Nga Kor Ming (DAP-Taiping) on the impact of the managed oil price float system, Johari said since its introduction, the impact on consumers was only one sen.
“Since then, fuel prices dropped 12 times by 74 sen and rose 19 times by 75 sen. The total impact is one only sen,” he said.
To a question from Oscar Ling Chai Yew (DAP-Sibu) and Ong Kian Ming (DAP-Serdang) on unclaimed monies from 1977 until last September, Johari gave the amount as RM9.06 billion.
Of the amount, RM1.64 billion was paid back to the owners and RM1.46 billion transferred to the Consolidated Revenue Account. — Bernama