KUALA LUMPUR – A proposal that the government withdraw all subsidies if oil prices fall below US$40 (RM177.48) a barrel should be studied carefully, says Domestic Trade, Cooperatives and Consumerism Minister Datuk Hamzah Zainuddin.
He said the proposal raised by Umno information chief Tan Sri Annuar Musa was in his capacity as an individual.
“It was his suggestion. We have to study it first,” he said briefly when met by reporters after attending the Excellent Service Award 2016 for three agencies under his ministry here yesterday.
On Sunday, Annuar reportedly said the fall in oil prices had a significant impact on state revenue which was used to finance part of the subsidies for the welfare of the people.
At the ceremony, 107 recipients from the three agencies under the ministry, namely 68 from the Companies Commission of Malaysia, 35 (Intellectual Property Corporation of Malaysia) and four (The Malaysia Competition Commission) received the awards.