Malaysia Maintains RON95 Petrol Price Amid Global Oil Crisis

Malaysia's Prime Minister Anwar Ibrahim announced that the price of RON95 petrol will remain at RM1.99 (approximately S$0.65) per litre for locally-registered vehicles, despite rising global oil prices. This decision comes as the country faces disruptions in oil supply due to escalating geopolitical tensions in the Middle East. Anwar projected that this subsidised price could be sustained until May 2026, while also indicating that Malaysia would increase its gas production to mitigate the economic impact of these global fluctuations.

The Straits TimesUnderstand global reality instead of politicising high oil prices: Anwar slams critics

The surge in oil prices, which have risen from US$60-US$65 per barrel to around US$110, is attributed to conflicts involving Iran, the United States, and Israel. Anwar criticized those who politicize the situation, emphasizing that the crisis stems from international conflicts beyond Malaysia's control. He noted that while many countries have raised fuel prices significantly, Malaysia's government is committed to maintaining stability for its citizens.

Understand global reality instead of politicising high oil prices: Anwar slams critics

Anwar highlighted the importance of unity and dialogue among communities, urging Malaysians to focus on solutions rather than political disputes. He warned that unresolved conflicts could escalate, leading to severe economic consequences, as seen in other nations.

Understand global reality instead of politicising high oil prices: Anwar slams critics

The Malaysian government has been proactive in addressing the economic challenges posed by rising oil prices. Anwar mentioned that the Cabinet has held meetings with the National Security Council and discussions with PETRONAS to ensure a stable supply of oil and gas. He reiterated the government's commitment to protecting the public from the adverse effects of global price hikes.

Understand global reality instead of politicising high oil prices: Anwar slams critics

In response to the fuel price situation, Opposition Leader Datuk Seri Hamzah Zainuddin has called for a delay in the price increase for unsubsidised fuel until after the Hari Raya celebrations, suggesting a phased implementation to lessen the burden on citizens.

Understand global reality instead of politicising high oil prices: Anwar slams critics

Despite the government's efforts, there is criticism regarding the handling of the fuel pricing situation. Opposition members have accused the government of failing to adequately address the economic pressures faced by the public. Anwar's remarks indicate a clear frustration with these politicized attacks, as he seeks to foster a collaborative approach to navigating the current economic landscape.

Understand global reality instead of politicising high oil prices: Anwar slams critics

• “There are those who take advantage of this situation when the economy is declining, and oil supply is disrupted.” — Anwar Ibrahim, Prime Minister of Malaysia

Understand global reality instead of politicising high oil prices: Anwar slams critics

• “We must not allow that to happen here,” — Anwar Ibrahim, emphasizing the need for national unity.

The Straits Times

This situation underscores the delicate balance Malaysia must maintain in addressing both domestic concerns and the broader implications of global oil market dynamics.

The Straits Times