KUALA LUMPUR, July 1 -- Malaysia's fuel subsidy bill is on track to reach nearly RM40 billion this year, more than double the RM15 billion allocated under Budget 2026, as the government absorbs the impact of the global energy crisis to keep retail fuel prices affordable.

Prime Minister Datuk Seri Anwar Ibrahim said the government spent RM1.6 billion on subsidies for RON95 petrol and diesel in January and February, before monthly subsidy costs surged to around RM5 billion in March and April as global crude oil prices climbed.

"If the current market price (of crude oil) remains, the government is expected to spend close to RM40 billion to subsidise petroleum products for 2026," Anwar, who is also finance minister, said in a written parlia...