THE recent surging prices of crude oil have given room to the government to continue providing fuel subsidies, says Economy Minister Mustapa Mohamed.

He, however, acknowledged that the Russia-Ukraine conflict will also cause a rise in prices of other goods, especially imported items such as corn and wheat.

The government will continue to monitor the situation, which will pose a challenge to the country’s financial management, he added.

“(The increase in prices of oil) will increase revenue, but some of the revenue will have to be channelled elsewhere.

“Estimates have not been made, but at the moment it only depends on assumptions.

“Part of the increase will be used to pay for additional petrol and diesel subsidies.” – Bernama, March 6, 2022.