Finance Minister II Amir Hamzah Azizan said policymakers are closely monitoring the situation before deciding any further intervention is necessary.
For now, the government is focusing on maintaining supply stability while urging businesses and consumers to remain prudent in their energy usage.
“The key point is that we do not yet know whether the crisis in the Middle East will persist,” he said, noting that the government’s immediate priority is to maintain economic stability in the short term.
“Our focus for now is to ensure the security of supply in terms of oil, gas and coal. Despite the heightened geopolitical risks, Malaysia’s domestic supply position remains stable for now”.
He said oil companies are experienced in managing these seasonal surges, taking proactive measures such as boosting supply and placing additional storage tanks in high-demand areas to prevent disruptions.
The government is also taking into account the people’s travel during the Raya season, which usually sees high demand for fuel.
Amir Hamzah also highlighted the fiscal implications of rising energy prices, noting that the government currently spends about RM3.2 billion a month on fuel subsidies.
Of this amount, roughly RM2 billion is allocated for petrol subsidies while diesel subsidies account for about RM1.2 billion.
Malaysia is adopting a cautious approach, by signalling that no economic stimulus package is planned for now despite rising global energy market volatility.
