Cooking Oil Subsidies Total RM3.886 Bln, Palm Oil Levies RM3.278 Bln In 2024-2025 – MOF
KUALA LUMPUR, Oct 7 (Bernama) -- The government spent RM3.886 billion on cooking oil subsidies from 2024 to 2025, compared with RM3.278 billion collected in windfall profit levies from the palm oil industry during the same period, according to the Ministry of Finance (MoF).
The MoF stated that the collection of windfall profit levies is revenue for the Federal Government and is deposited into the Federal Consolidated Fund, in accordance with Article 97(1) of the Federal Constitution.
"The proceeds from this levy are then reallocated through the annual budget to fund programmes that benefit the people, including the provision of cooking oil subsidies under the Cooking Oil Price Stabilisation Scheme each year," the ministry said.
The MoF said this in a written response to a question from Bakri Jamaluddin (PN-Tangga Batu) regarding the collection of palm oil industry levies and their usage.
The MoF added that the government continues to subsidise cooking oil to protect the people from rising crude palm oil prices in the market.
-- BERNAMA