Prime Minister Anwar Ibrahim pledges to maintain RON95 petrol at RM1.99 per litre despite global oil price volatility stemming from Middle East tensions.
PUTRAJAYA: The government will strive to maintain the current price of RON95 petrol at RM1.99 per litre for Malaysians despite global market uncertainty fuelled by the conflict in the Middle East.
Prime Minister Datuk Seri Anwar Ibrahim acknowledged that disruptions in the Strait of Hormuz and subsequent global oil price increases are expected to affect the country.
He stated the government’s determination to hold the subsidised RON95 price under the Budi MADANI RON95 (BUDI95) programme.
“Insya Allah, for the people of Malaysia, I will try to ensure there is no increase in fuel prices,” Anwar told reporters after a breaking-of-fast event at the Seri Perdana Complex.
He added that the government would give maximum effort to hold off on raising prices while cautioning that the volatile market was beyond its full control.
Global markets have turned cautious following recent United States military action against Iran and rising geopolitical risks in the region.
Economists have warned the Middle East situation could reinforce risk-off sentiment, affecting oil prices, the ringgit, and international trade flows.
Research firm Rystad Energy predicted Intercontinental Exchange Brent crude oil prices could surge by as much as USD 20 per barrel when trade opened.
Its senior vice president Jorge Leon said a significant upward repricing of oil was expected at the start of the week unless swift de-escalation signals emerged.
