Petronas is currently assessing the impact of the five percent sales tax on petroleum products in 2019 as announced by the Sarawak government.

In a statement today, it said the national oil company would continue to monitor development on the matter and engage with both the federal and state governments.

On Nov 5, Sarawak Chief Minister Abang Johari Openg announced the new tax when tabling a record budget of RM11.9 billion in the Sarawak Legislative Assembly.

The new tax, to be levied on crude oil, natural gas, liquefied natural gas, chemical-based fertilisers and gas-to-liquid products, is estimated to generate a revenue of RM3.897 billion for the state government.

Following this, Sarawak is projected to generate a record revenue of more than RM10 billion in 2019.

- Bernama