KUALA LUMPUR, Oct 23 – The oil- related reveue for next year is expected to remain low at RM31.7 billion. Prime Minister Datuk Seri Najib Tun Razak said when crude oil prices averaged US$100 per barrel, the revenue from Petroliam Nasional Bhd (PETRONAS) dividend and petroleum tax revenue totalled RM62 billion.
Najib, who is also Finance Minister said that the scenario was changed when crude oil prices declined to around US$50 per barrel. He said the contributions from PETRONAS and oil-related sectors will be RM44 billion in 2015. He said this when tabling the Budget 2016 at the Dewan Rakyat here today.
He said the government’s decision to implement the Goods and Services Tax was right, more so as crude oil prices have fallen over 50 per cent from a level of US$100 per barrel in 2014. He lastly added that the fact is PETRONAS contributes a certain amount of dividend to the Treasury every year which the amount of dividend is dependent on global crude oil prices.
