Malaysia is not expected to face an oil supply crisis in the coming months, although fuel prices may rise due to ongoing global uncertainties, says Prime Minister Datuk Seri Anwar Ibrahim.
He said the stability of supply is supported by Petroliam Nasional Berhad (Petronas)’s strong track record as a net importer and its good relationships with oil-producing countries.
“We are also a net importer because our products are premium brands with slightly higher prices, but we still import,” he said at the Kuala Lumpur–Ankara Dialogue today.
“Credit must be given to Petronas for its excellent performance record and strong ties with oil-producing nations,” he added.
Anwar also stressed the need for Malaysia to accelerate its transition towards a more sustainable, diversified and cost-effective long-term energy strategy.
He said the shift in energy policy is not only important from an environmental perspective but has also become urgent due to current global supply disruptions.
The government, he added, has taken steps to manage exposure to volatility by balancing the need to ensure sufficient supply while easing cost-of-living pressures on the public.
Global energy disruptions, he said, are expected to influence energy prices and subsequently impact production systems, supply chains and living costs in both developed and developing countries.
“These disruptions to energy and infrastructure have wider humanitarian and socio-economic implications that could threaten existing stability,” he said.
He added that while Malaysia is not immune to global energy supply shocks, the government remains committed to safeguarding the welfare of the people.
