Kuala lumpur: The government will bring issues related to the continuing global energy crisis to the Cabinet for detailed discussion, as part of a comprehensive plan to ensure supply security and manage economic risks stemming from rising geopolitical tensions. Economy Minister Akmal Nasrullah Mohd Nasir stated that the global energy crisis was a key topic at the National Economic Action Council (NEAC) meeting today and will be a focal point at tomorrow's Cabinet meeting.

According to BERNAMA News Agency, Akmal Nasrullah highlighted the government's proactive measures to maintain supply continuity and mitigate the crisis's impact, noting that current supply levels are adequate until at least May. "Our focus at the moment is to ensure supply sufficiency," he told reporters at the Seminar on Mapping Strategic Opportunities for Government-Linked Companies (GLCs) through the 13th Malaysia Plan (13MP) today. He further stressed the importance of ensuring medium-term supply continuity.

Commenting on the ongoing conflict in West Asia, which has persisted for over a month, Akmal Nasrullah mentioned that stabilisation could take a minimum of six months, potentially extending to a year, as damaged facilities like refineries need time for full recovery. "To restart operations such as refineries that were targeted during the conflict will take time before full recovery can be achieved," he said.

The Economy Minister also pointed out that the crisis's impact would extend beyond the energy sector, affecting other industries. "When a global energy crisis occurs, input costs will be affected, especially for production and services. This will eventually have an impact on inflation," he noted.

To better understand the crisis's real impact on industries, the ministry is actively engaging with various sectors, including small and medium enterprises (SMEs). "Yesterday, we had an engagement session with SME representatives from selected industries to understand the challenges they are facing and to identify early adjustments needed at their level," Akmal Nasrullah said. He emphasized the importance of considering both official data and industry players' experiences to address potential supply chain disruptions early.

While Malaysia's inflation remains manageable, Akmal Nasrullah warned of potential cost pressures as industries start feeling the global energy crisis's full effects. "Inflation is still under control at this point. However, we must be prepared that input costs, particularly those related to energy, will rise and exert pressure on prices," he concluded.