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
BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies.
Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial
