As global oil prices continue soaring due to Middle East tensions, many Malaysians are worried about possible fuel shortages and rising cost of living. However, the government says the country’s petrol supply remains stable for now.
Petrol supply safe until end of July
Malaysia’s fuel supply is expected to remain stable until the end of July despite growing tensions in the Middle East and rising global oil prices.
Economy Minister Akmal Nasrullah Mohd Nasir said Petronas has assured the government that the country has sufficient fuel reserves to meet current demand.
The assurance comes as global energy markets continue to face uncertainty following ongoing geopolitical conflicts affecting the Strait of Hormuz, one of the world’s key oil shipping routes.
Brent crude oil climbs above US$110 per barrel
Akmal said the average Brent crude oil price between May 18 and May 22 reached US$111.67 per barrel, marking an increase of 1.7% from the previous week.
While domestic food prices remained generally under control between May 18 and 21, with movements ranging from a 2% decrease to a 3.6% increase.
Flights decline
Akmal also revealed that Malaysia’s aviation sector recorded a sharp decline in activity, with daily flight movements dropping 31.5% in April to 2,464 flights.
The decrease was mainly caused by cancellations of routes involving West Asia, as well as airlines reducing and restructuring services amid rising fuel costs and weaker demand.
Despite the slowdown in air travel, the government assured that essential supply chains and logistics operations across the country remain stable, while authorities continue monitoring any possible impact on consumer prices.
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