Kuala lumpur: Malaysians are urged to be prudent in fuel consumption to stretch the country's energy buffer beyond June as global uncertainties are expected to persist, said Deputy Finance Minister Liew Chin Tong. He mentioned that the country remains in a relatively comfortable position for now, but early conservation is necessary to ensure supply stability in the months ahead.
According to BERNAMA News Agency, Liew stated, "Our supplies are comfortable, at least until June. But if possible, we need to be prudent in our usage so that our supply can last longer, possibly into July or August," after the Securities Commission-ASEAN+3 Macroeconomic Research Office (AMRO) Regional Economic Outlook Seminar: ASEAN at a Crossroads.
Liew emphasized that the evolving global environment requires Malaysia not only to manage near-term resources but also to strengthen its economic fundamentals, particularly in addressing vulnerabilities within supply chains. He highlighted the need to identify gaps in critical sectors and close them through more innovative and coordinated approaches to enhance resilience.
He also noted that the shifting global order towards a more multipolar landscape underscores the importance of regional cooperation, especially through ASEAN, to strengthen collective influence. "Malaysia is not a big country. It is important for us to operate within ASEAN so that we can speak with a stronger, collective voice," he stated.
Liew added that current challenges should be viewed as an opportunity to build stronger economic resilience, including through energy transition efforts and deeper regional integration. Reflecting on Malaysia's history, he cited the establishment of Petronas as a key example of how the country had successfully navigated past crises. The national oil company was formed in response to the 1974 global oil crisis, a move that has since strengthened Malaysia's energy position and contributed significantly to its economic development.
He remarked that Malaysia is in a more comfortable position in terms of oil today, but stressed that this is not something to take for granted. The experience demonstrates how crises can be turned into long-term advantages through timely and strategic policy responses.