SHAH ALAM, 19 Jan: The federal government has been reminded to immediately make amendments to the Budget 2015 following the fall in crude oil prices.
The Deputy President of the Federation of Malaysian Consumers Associations (FOMCA), Mohd Yusof Abdul Rahman, said that the budget should be adjusted with the national income, which is largely dependent on the sale of petroleum.
He said that with the crude oil prices going down, the national income also suffers a decline, which in turn will affect the expenditure planning.
“Prior to this, the budget was drafted according to the trend of crude oil prices that was high, but now, the situation is different.
“So, how is the government going to cover these expenses if revenue is declining?
“If the 2015 budget is maintained, then the fiscal deficit will be worse,” he told Selangor Kini.
The Prime Minister, Datuk Seri Najib Razak, said that he will announce new measures to deal with the trend of falling world oil prices.
On January 9, FOMCA also sent a memorandum urging the government to enforce the Price Control and Anti-Profiteering Act.
“When oil prices go up, the prices of all goods and services increased, but when the prices fell, the prices of goods and services remained unchanged. It’s not fair to the consumer.
“The government should enforce laws and other mechanisms to ensure that consumers really benefit from the decline in petroleum prices,” he said.