The decision to recalibrate Budget 2016 is the right move due to falling crude oil price and weakening ringgit, former prime minister Dr Mahathir Mohamad said.

He said although the budget was tabled only in October last year, the economic situation had changed considerably, thus the need to make the changes.

"The situation has changed considerably. I think, whether we like or not, changes should be made," he said after witnessing the appointment of new Proton dealers in Petaling Jaya today.

Prime Minister Najib Abdul Razak will present the recalibrated Budget 2016 on Jan 28.

Najib, who is also finance minister, said that the budget would be revised so that the changes would be more “realistic” to suit the present economic situation.

The crude oil price dived to US$30 (about RM132) per barrel today against US$45 per barrel when Budget 2016 was tabled in October last year.

- Bernama