Kuala lumpur: The price of subsidised RON95 petrol under the BUDI MADANI RON95 (BUDI95) initiative will remain at RM1.99 per litre despite significantly higher market prices following the conflict in West Asia, Prime Minister Datuk Seri Anwar Ibrahim said. He assured that Malaysia's petroleum supply remains stable, with a review conducted with Petronas indicating that the country's petroleum product supply is sufficient at least until May.
According to BERNAMA News Agency, Anwar emphasized the importance of governance, efficient management, integrity, and professionalism in navigating these challenging times while safeguarding the welfare of the people. The government aims to shield the population from the full impact of rising oil prices, which could also escalate the cost of other essential goods. Anwar informed the Cabinet of the decision to maintain the BUDI95 price at RM1.99 per litre, acknowledging that market prices are much higher, especially compared to neighbouring countries where prices are three times higher.
Due to the conflict in West Asia and disruptions to oil supplies from the Strait of Hormuz, more than 400 oil tankers are estimated to have been stranded, with Brent crude prices reaching USD119 per barrel on March 9. Although oil prices have now dipped below the USD90 level, they remain volatile, causing a sharp increase in market petrol and diesel prices.
To prevent leakages and fuel smuggling, Anwar has tasked Deputy Prime Minister Datuk Seri Fadillah Yusof, along with the Domestic Trade and Cost of Living Ministry (KPDN), to ensure closer monitoring and stricter actions against those attempting to exploit the situation. He expressed understanding of the public's concerns and assured that the situation remains under control, with the government continuing to monitor developments in West Asia and planning measures to safeguard national interests.
Anwar urged for a responsible attitude and cooperation from all parties, including government leadership, civil servants, the private sector, and the people, to manage the challenge effectively. He expressed confidence that, insya-Allah, with collective efforts, the nation will overcome these challenges successfully.