The Malaysian economy ministry has said that the government will continue ensuring there are secure and sufficient levels of petroleum from July to December, Bernama reports.
It said that as of June, the nation’s oil and fuel supplies remained stable and sufficient for domestic demand, following the government’s proactive measures implemented in phases since disruptions began in the Strait of Hormuz on February 28.
“Brent crude oil prices, which peaked at US$144.50 (RM590) per barrel in early April, declined to US$99.29 (RM405) per barrel between June 1 and 5, reflecting increasingly positive market sentiment following progress in peace negotiations.
“The government is, however, not taking the situation lightly, as physical supply constraints and declining global inventories persist,” the ministry said in a written reply on the Dewan Rakyat website today.
“The government has implemented several measures to safeguard oil supply security, including diversifying petroleum supply sources, optimising domestic fuel supply through biodiesel, preventing leakages through enforcement, and carrying out data-driven monitoring,” it added.
From just RM700 million in January, Malaysian fuel subsidies ballooned to RM5 billion in March before peaking at RM7.5 billion the following month, due to the rise in global oil prices brought about by the ongoing West Asian conflict. The government is currently projected to spend RM2 billion and RM1.5 billion a month to subsidise RON 95 petrol and diesel respectively.
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Don’t worry, after Jhr & N9 election, we will come out with new scare to the peoples! now, we sabar first!
ok, that means u r of those spin doctors. tq 4 ur info.
Sohai Betoi… every story Mau sini sana ensure & sini sana crying subsidy issues… if I MITI I will reduce EV tax make EV car price looks very cheap to own compare Petrol car, then subsidy auto-saved. If me I would target 80% car on the road is EV with REstructure lower the EV CAR TAX.
You need to understand Petro-cartel, bigger, much bigger than P1/P2 combined, P1/P2 are just sucking the feet of big petro-cartel in Malaysia. Petro-cartel are terrified of electric cars because they have no control and no more revenue in that sector, totally different players in electric space. This is why MITI is doing what it does their pay masters are Petrol-cartel economy terrorists.
During the peak fossil fuel supply shortages & price increases caused by that West Asian war, Malaysians were fortunate not to experience the hours long queues at their local petrol stations, which had happened in other countries. So, let’s count our blessings & no need to complain so much!!
Fully agreed. Do reduced price QV-E with battery to 50k make everyone driving axia bezza myvi ativa now upgrades to QV-E.