By Nurul Hanis Izmir
KUALA LUMPUR, May 17 (Bernama) -- The revenue derived from the petroleum sector this year will almost double to an estimated RM60 billion against RM38 billion raked in last year, thanks to the steady rise in global oil prices which is currently hovering around US$79.41 per barrel.
This is good news for Malaysia, which is a net oil exporter of oil.
It will also complement the newly-formed government´s pledge to abolish the six per cent Goods and Services Tax.
Hermana Capital Bhd Chief Executive Officer and Chief Investment Officer Datuk Dr Nazri Khan Adam Khan opined that the RM38 billion revenue was earned from the petroleum sector when crude oil prices were fetching US$52 per barrel.
"That (the revenue) is like 15 per cent of government revenueÂ… and with oil prices now trading at about US$80 per barrel, the government´s petroleum revenue would likely increase to 25 per cent.....