KOTA KINABALU: The federal government is ready to revise the existing 5% in royalties paid to oil-producing states, says Tun Dr Mahathir Mohamad. If we take 40% for oil royalties from its operating cost, Petronas will lose money," he said. "If you reduce Petronas to just collecting oil royalties, then we lose a lot of things. Pakatan Harapan in its GE14 manifesto had pledged to raise oil royalties for all oil-producing states to 20% from 5% currently. Dr Mahathir, who was here for the Malaysia Day celebrations on Saturday (Sept 16), added that there is a need for fairness.

Source: The Star September 17, 2018 03:45 UTC