SEBERANG PERAI, March 20 — Malaysia’s economy has remained stable despite a sharp global surge in oil prices, Prime Minister Datuk Seri Anwar Ibrahim said today, assuring the public that the government is taking measures to cushion the impact on consumers.
He explained that escalating conflict in the Middle East, attacks on oil facilities, and disruptions to key supply routes have created a volatile global market.
“Previously, prices were manageable. Now, with oil and gas installations being attacked and supply routes disrupted, prices have surged sharply,” Anwar said during a community gathering in Permatang Pauh.
The prime minister stressed that Malaysia has managed to shield consumers by maintaining the subsidised RON95 petrol price, even as prices climb steeply in neighbouring countries.
“In Singapore, petrol prices have exceeded RM10 per litre. We are still at RM1.99. This is not something that happens easily; it requires careful management,” he said, noting that Thailand has started rationing petrol while Cambodia has sought Malaysia’s help to secure its supply.
Anwar revealed that the government has been holding high-level meetings daily, including a special Cabinet session and a National Security Council meeting, and has briefed the Yang di-Pertuan Agong on the “serious economic situation.”
He added that Putrajaya is working closely with Petronas to manage reserves, which can sustain the country until at least May, while also increasing domestic production to strengthen the national buffer.
Broader economic pressures
While the government is holding the BUDI95 price, Anwar cautioned that external cost pressures are beginning to affect other areas, particularly agriculture, due to a dependency on imported fertiliser.
“If fertiliser prices rise, farmers will be affected, and that will eventually push up food prices. That is what we are trying to control now,” he said.
He also warned against opportunistic behaviour, such as exploiting supply shortages, and urged Malaysians to adopt prudent spending habits.
“Spend moderately. Save where you can. Do not assume that this situation will remain indefinitely,” he advised.
The PM stressed that domestic peace and harmony are essential for maintaining economic resilience against external shocks.
“This is not the time for division or conflict. Stability is what allows us to manage this crisis effectively,” he stated.
He also said that Malaysia is actively engaging with international partners, including Iran, Saudi Arabia, and Turkiye, to support de-escalation efforts, as continued global tensions will worsen the economic impact.
Anwar also asked the public for patience and understanding, saying that the government is doing everything possible to navigate the fragile global landscape.
“This is a difficult period. But if we remain patient, disciplined, and united, we will be able to endure,” he said.
Malay Mail – Malaysia
