Malaysia’s petroleum supply remains stable and sufficient to meet domestic demand until the end of this year despite ongoing geopolitical tensions in the Middle East, Economy Minister Datuk Akmal Nasrullah Mohd Nasir said.
According to Astro Awani, he said the government had taken early measures to ensure adequate petroleum stockpiles while diversifying supply sources to reduce reliance on any single oil-producing country.
“At this point, we have ensured that petroleum supply is sufficient until the end of the year.
“At the same time, efforts to secure alternative sources of supply for next year are also being intensified.
“The option of obtaining supplies from various sources will always remain open to ensure the stability of the country’s petroleum supply,” he told reporters after launching the Organisation for Economic Co-operation and Development’s (OECD) Malaysia Economic Survey on Tuesday.
Akmal Nasrullah said the government would continue monitoring developments in the Middle East and stands ready to implement intervention measures if necessary to safeguard the country’s energy security.
He added that Malaysia is also strengthening its energy resilience by expanding the use of biodiesel, including increasing the biodiesel blend from B10 to B15 within the next two months.
On fuel subsidies, Akmal Nasrullah said the government has no plans for further subsidy rationalisation at this stage.
He said the current priority is to maintain a balance between securing the petroleum supply and ensuring stable fuel prices, adding that the only measure implemented so far is to reduce the subsidised diesel purchase limit from 300 litres to 200 litres. If there are any future changes, the government will announce them accordingly.
