Latest news with #RM318
The Star
19 hours ago
- Business
- The Star
‘Don't delay RON95 revamp'
PETALING JAYA: The government should proceed with the targeted RON95 petrol subsidy rollout despite the recent spike in global oil prices due to escalating tensions in the Middle East, say economists. Sunway University economics professor Dr Yeah Kim Leng stressed that the surge in crude oil prices makes it even more urgent for the government to implement the plan. 'It will allow the burden of rising oil prices to be shared with consumers and businesses while preventing a ballooning subsidy burden to the nearly RM100bil incurred in 2020 during the Covid-19 pandemic,' he said. Yeah pointed out that unless absorbed by the government, higher global oil prices would lead to increased pump prices, putting pressure on national finances. 'This would require the government to cut other expenditures or incur a higher fiscal deficit, which will further raise the country's debt level,' he said, suggesting a gradual rollout to enhance the nation's resilience in coping with global uncertainties and oil price shocks. On Friday, global oil prices surged by over 9% to around US$75 (RM318) per barrel, the highest in nearly five months, following Israel's pre-emptive strike on Iran. Earlier in April, oil prices had dipped below US$60 (RM254) before climbing to around US$65 (RM275) by mid-month, still lower than December 2024's US$74 (RM314). Economist Dr Geoffrey Williams echoed the call to proceed with subsidy rationalisation, noting that higher oil prices would widen the gap between market prices and retail pump prices, increasing the government's subsidy burden. 'It's better to rationalise subsidies now if oil prices are expected to remain high for the rest of the year,' he said. The government stands to save at least RM8bil or more, he added, which could be redirected to critical areas such as healthcare, education and social protection. Williams also cited the success of earlier rationalisations in diesel and electricity subsidies, which raised RM11.5bil without triggering hostile market or public reactions. 'The government must push through with targeted subsidies now. There is no better time and any delay will signal weakness and damage credibility,' he added. Associated Chinese Chambers of Commerce and Industry of Malaysia treasurer-general Datuk Koong Lin Loong also supported a phased implementation, warning that any delay could significantly increase the government's subsidy bill if oil prices continue to rise. 'This is to avoid a sudden shock to the nation's economy, which is already grappling with the current geopolitical uncertainties,' he said. He also called for the Price Control and Anti-Profiteering Unit to be strengthened to prevent businesses from arbitrarily raising prices, which could drive up inflation and supply chain costs. Meanwhile, Federation of Malaysian Business Associations vice-chairman Nivas Ragavan cautioned that the timing of the rollout is crucial, particularly when global oil prices remain uncertain. 'Volatile oil prices can exacerbate the burden on the rakyat if not carefully managed. A sudden implementation during a price spike could be highly inflationary and politically sensitive,' he said. He noted the government's earlier decision to delay the e-invoicing initiative to ease the burden on businesses, and suggested a similar approach may be needed for the RON95 subsidy if global oil prices remain unstable.
The Star
07-05-2025
- The Star
S'porean nabbed for being part of illegal vape network
A 37-YEAR-OLD Singaporean man was part of a group arrested in Bangkok for selling drug-laced electronic cigarettes, amassing nearly 16 million baht (RM2.04mil) in suspected ill-gotten gains, said the police in Thailand. The man, identified by the police as Neo Ming Loon, was among six suspects arrested on April 30. Evidence, including vaping equipment and cash, was also seized in two raids – one at a house in the Bangkok subdistrict of Din Daeng, the other at an apartment in the Pathum Thani province north of the Thai capital. The Royal Thai Police's Central Investigation Bureau (CIB) said in a statement on May 2 that they had received a report about smuggled e-cigarettes or vapes that were mixed with narcotics like ketamine and hawked as 'Kpods' to tourists. Suspicions were partially confirmed when an undercover officer managed to purchase a vape from one of the suspects described as a low-level dealer at around 2,500 baht (RM318), said the police. Investigations found that etomidate, a substance commonly used as a medical anaesthetic, and not ketamine, had been mixed into the vape pods. The vapes, also known as 'zombie cigarettes', act as depressants on the nervous system and can cause unconsciousness, heart failure and even death if inhaled in large quantities, said the CIB. Neo and two other Thai nationals – Phanuwat Eiatthongdam and Siwaporn Paiplod – were found to be supplying the vapes to the low-level dealers. Police said one of the dealers, who also acted as a middleman, Thai national Nattapol Boontham, was estimated to have earned more than 25 million baht (RM3.18mil) from vape sales within the past year. According to the police, customers would contact Nattapol to buy the vapes he obtained from Neo, a friend he met at an entertainment venue. Further investigations led to suspicions of Neo, Phanuwat and Siwaporn being also guilty of money laundering. Neo was discovered to be using Phanuwat's bank account for transactions linked to buying and selling the vaping products. Other bank passbooks and cards were found with Siwaporn, with about 15.8 million baht (RM2.03mil) of suspected vaping proceeds found across six bank accounts, police said. Neo was also charged with entering Thailand illegally. Like in Singapore, vaping is banned in Thailand. Selling or producing e-cigarettes, Kpods or refill fluids is also a violation of the Consumer Protection Act. In February, Thai Prime Minister Paetongtarn Shinawatra launched a multi-agency crackdown on vapes that were illegally imported and sold in the kingdom. — The Straits Times/ANN
