Prime Minister Datuk Seri Anwar Ibrahim is expected to unveil a new plan related to Malaysia’s oil supply continuity by mid-May, following growing global supply uncertainty caused by ongoing conflict in West Asia and the closure of the Strait of Hormuz.
Economy Minister Akmal Nasrullah Mohd Nasir said the plan would focus on ensuring sufficient domestic oil supply to support the country’s economic activities after the government previously assured that current reserves could last until June.
He said Petroliam Nasional Bhd (Petronas) is currently in the final stages of securing new supply sources to guarantee the continued availability of oil for the country in the coming months.
Akmal Nasrullah said the Prime Minister had earlier indicated that several new supply arrangements were being finalised and was expected to present the next phase of the national oil supply strategy soon.
He was speaking to reporters after appearing as a panelist at the “Energy Crisis 2026: Are We Ready to Rethink Refuel?” forum during the University of Malaya Economic Summit (UMES) on Saturday.
On the current reserve situation, Akmal Nasrullah said Malaysia’s oil stockpile remains at operational levels, adding that the country is still capable of withstanding temporary supply disruptions due to intervention and management measures already implemented by the government.
Apart from domestic efforts, he said the government is also looking at regional cooperation as an important strategy to strengthen long-term energy security.
He revealed that discussions were ongoing at the ASEAN level regarding the possibility of regional reserve storage cooperation, although further details involving diplomatic frameworks and mechanisms still need to be refined among member states.
Meanwhile, Akmal Nasrullah said the government remains optimistic that the implementation of the B15 biodiesel programme can begin on June 1 to help extend the lifespan of the country’s diesel supply.
He added that the rollout structure involving the entire biodiesel supply chain, including fuel distribution to petrol stations, has received positive commitment from ministries and relevant agencies.
