Malaysia’s subsidised RON95 petrol price will remain at RM1.99 per litre even though global oil prices have risen sharply due to the conflict in West Asia.
Prime Minister Datuk Seri Anwar Ibrahim announced the decision during a special press conference addressing the latest developments in the region.
Fuel supply sufficient until May
Anwar said Malaysia’s petroleum supply remains stable for now.
After reviewing the situation with Petronas, the government found that the country’s fuel supply is sufficient until at least May this year.
He noted that Malaysia’s situation is different from many other countries that are currently facing higher fuel prices.
According to him, the Cabinet has agreed to maintain the subsidised price at RM1.99 per litre, despite the actual market price being significantly higher.
He described the move as a difficult decision, but said it was necessary to protect the welfare of Malaysians.
Anwar explained that the conflict in West Asia has also disrupted global oil supply routes.
To prevent fuel leakages and smuggling, Anwar said stricter monitoring will be implemented.
He has tasked Deputy Prime Minister Datuk Seri Fadillah Yusof and the Ministry of Domestic Trade and Cost of Living with increasing enforcement and taking tougher action against those who try to exploit the subsidised fuel system.
Situation still under control
While, Anwar acknowledged that Malaysians may be concerned about rising global oil prices, he assured that the government is closely monitoring developments and that the overall situation remains under control.
He added that the government will continue taking necessary steps to safeguard the country’s interests and the welfare of its people.
