The government will ensure that the recent decline in global oil prices translates into lower prices for consumers by stepping up monitoring to prevent profiteering and unjustified price increases, Economy Minister Datuk Seri Akmal Nasrullah Mohd Nasir said.
Speaking during his winding-up speech on the global supply crisis in the Dewan Rakyat today, Akmal said Malaysia had successfully contained sharp price increases during the energy crisis through targeted subsidy initiatives such as BUDI MADANI and the Subsidised Diesel Control System. With energy costs now easing, he said the focus has shifted towards ensuring consumers enjoy the benefits.
“When prices show a downward trend, this is an opportunity for us to ensure the decline is reflected in line with falling energy costs.
“The Ministry of Domestic Trade and Cost of Living must ensure there are no elements of profiteering or opportunistic pricing that continue to burden consumers when operating costs have already begun to decline,” he said.
Akmal said the government is also monitoring the financial health of micro, small and medium enterprises to help them maintain healthy cash flow amid global economic uncertainty. He said Bank Negara Malaysia has allocated RM5 billion under its SME Relief and Recovery Facility, with more than 1,000 businesses already utilising the scheme and RM700 million in financing approved.
On strengthening Malaysia’s long-term economic resilience, Akmal said the government will continue advancing its High Growth High Value agenda to reduce reliance on low and medium-value industries.
“We must remain fully committed to HGHV industries so that we do not rely on low or medium-value activities indefinitely,” he said, adding that Malaysia aims to move further up the semiconductor value chain through initiatives such as its collaboration with ARM Ltd, under which 19 technology access tokens have been awarded to support the production of Malaysian-designed semiconductor chips by 2030.
