Aspirasi president: Govt should price O&G in local currency to increase demand for ringgit

Lina Soo (file photo)

KUCHING, Sept 30: Sarawak People’s Aspiration Party (Aspirasi) president Lina Soo has proposed the government price its oil and gas (O&G) in local currency to increase demand for the ringgit.

She said the ringgit Malaysia (RM) is tanking and sliding against US dollars (USD) with no sign of reprieve, and if not for the Russia-Ukraine conflict, which has pushed up oil prices, Malaysia’s economy would be in an even more dire state had it not been for the O&G resources that came to the rescue.

“Our oil and gas exports are priced in USD, which means the stronger the dollar gets, this makes the oil and gas more expensive for non-dollar holders of other currencies,” she said.


She added that selling Malaysia’s O&G resources in RM could strengthen the ringgit and, at the same time, help the non-dollar O&G importing countries.

Meanwhile, touching on the national budget, Soo said it is time the federal government “practice what they preach” by allocating a fair share of the 2023 Budget to Sarawak and Sabah.

“As the federal and Sarawak governments have assured Sarawak and Sabah that we are now equal partners after the amendment to Article 1(2) of the Federal Constitution, please practice what you preach.

“If the budget is RM390 billion, Sarawak wants to be allocated RM130 billion.

“This is because Sarawak is the major contributor to the O&G revenue to the federal coffer without which the Malaya region of the federation would not have been so developed and prosperous,” she said in a statement today.

Other than that, Soo also urged that education and health autonomies be given to Sarawak with RM20 billion and RM10 billion allocation, respectively, to support Sarawak’s management under its own ministries. — DayakDaily