Petronas loses RM17 bil in revenue during MCO

Global crude oil price benchmark Brent fell to US$20.37 per barrel in early March, its lowest level this year, from US$51.80 in February.

KUALA LUMPUR: National oil corporation Petronas reported a loss of around RM17 billion in petroleum revenue from March until June this year which coincided with the movement control order (MCO) period prior to the recovery MCO taking effect.

In a written reply to Noor Amin Ahmad’s (PH-Kangar) question in Parliament on the loss of petroleum income throughout the MCO implementation period, Prime Minister Muhyiddin Yassin also said the federal government has no intention of amending the Petroleum Development Act 1974 (PDA 1974) at this point in time.

Earlier reports say throughout the MCO period, economic sectors in general were closed to curb the spread of Covid-19.

During the early stage of the MCO, global crude oil price benchmark Brent fell to US$20.37 per barrel in early March, its lowest level this year, from US$51.80 in February. - FMT