The government is expected to make at least RM9 billion extra in oil revenue this year, that was not calculated for in Budget 2017, said Pandan MP Rafizi Ramli.
Budget 2017 was formulated with the expectation that crude oil prices would be at US$45 per barrel.
Oil price has fallen and hovering at US$51 per barrel for a week now due to very high US shale oil stock.
In addition to that, the PKR lawmaker explained that the ringgit has also weakened further from about RM4.1 to a dollar, to about RM4.5 against the greenback.
"The government will be getting this extra revenue on a monthly basis," Rafizi said during a press conference at the Parliament media room today.
In a written parliamentary reply to Rafizi last Wednesday, the Finance Ministry declined to state its projection for extra oil revenue.
"In the current uncertain global economy, it is quite difficult to project that oil prices (of US$55 per barrel) will remain at this level throughout the year.
"As such the government is still using the forecast announced in Budget 2017 where crude oil prices were expected to be at US$45 per barrel," the ministry said.
Rafizi in a press statement two weeks ago, had raised concerns about how the unbudgeted RM9 billion would be used.
"This is an election year, and I'm very worried that the (extra oil revenue) will be misused in the campaign to keep Umno/BN in power," he said.- Mkini
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