PUTRAJAYA (Bernama) – Saudi Arabia’s move to temporarily suspend production at the state-owned Aramco’s two major oil facilities following the drone attacks by Yemeni rebels will definitely impact the global oil prices, according to Malaysia’s Prime Minister Tun Dr Mahathir Mohamad.
However, he said, in Malaysia, the government practices intervention through a subsidy to offset the price hikes.
“If Saudi Arabia had to stop refined oil production by one million barrels (per day), it will definitely impact the global oil prices.
“In Malaysia, when there is an oil price hike, we will give a subsidy. Unlike in the United Kingdom, if the price of oil soars, the government will raise the tax and the people don’t complain,” he told a press conference after watching the Putrajaya Boat Race 2019 yesterday.
The prime minister said this when asked whether the government would review the retail price of RON95 petrol, which currently stood at RM2.08.