Prime Minister Anwar Ibrahim will announce a national plan in mid-May to ensure oil supply continuity amid global uncertainties from the West Asia conflict.
KUALA LUMPUR: Prime Minister Anwar Ibrahim is expected to announce a plan in mid-May to ensure oil supply continuity as a result of global supply uncertainties arising from the West Asia conflict and the closure of the Strait of Hormuz.
Economy Minister Akmal Nasrullah Mohd Nasir said the plan is expected to focus on ensuring that the domestic oil supply remains sufficient to support the country’s continued economic activities. The government had previously assured that current supplies could last until June.
According to him, Petroliam Nasional Bhd (Petronas) is currently in the final stages of securing new sources of supply to ensure the continued availability of Malaysia’s oil supply.
“The Prime Minister previously said several new sources are being finalised. He is expected to present the next schedule regarding the country’s oil supply,” he told reporters at the forum “Energy Crisis 2026: Are We Ready to Rethink Refuel?” held in conjunction with Universiti Malaya Economics Summit (UMES) here today.
Akmal Nasrullah said there are sufficient reserves at the operational level. The country is able to withstand supply disruptions because of the intervention measures and operational management steps implemented.
In addition to domestic efforts, the government is also looking at regional cooperation as an important approach to strengthening energy supply resilience, he said.
“I understand there are discussions regarding regional reserves at the ASEAN level, but the framework, mechanisms, and related matters require further details as they involve diplomacy and relations among member countries,” he said.
On the use of B15 biodiesel, he said the government is optimistic that the implementation of the increased biodiesel blend can begin on June 1 to help extend Malaysia’s diesel supply.
The structure to implement the entire biodiesel supply chain, including distribution to petrol stations, is already in place and has received strong commitment from the relevant ministries and agencies, he said.
