Kuala lumpur: The memorandum of understanding (MoU) for a peace agreement between the United States (US) and Iran is poised to have a beneficial impact on national oil prices; however, the timeline for oil supply recovery is anticipated to be gradual. Political Secretary to the Minister of Finance, Muhammad Kamil Abdul Munim, emphasized that achieving global oil price stability will not be immediate. The recovery must also consider the increased logistics, transport, and insurance costs accrued during the crisis.
According to BERNAMA News Agency, Muhammad Kamil expressed support for the peace agreement aimed at resolving the crisis in the Strait of Hormuz, which would reopen crucial routes for oil tankers and merchant vessels, easing the burden on affected countries. He conveyed these remarks during the Government Agencies and Perak Citizens Appreciation Ceremony at Sekolah Menengah Kebangsaan Tun Perak.
Prime Minister Datuk Seri Anwar Ibrahim recently voiced optimism regarding the peace agreement MoU between the US and Iran, suggesting it could lead to the resolution of the conflict and establish peace in the Middle East. Anwar remains hopeful about the positive progress of negotiations, although a final agreement must be reached within 60 days.
Muhammad Kamil further mentioned that the government has adopted various measures to control inflation, including maintaining the subsidized RON95 petrol price at RM1.99 per liter, contrasting with other nations. He highlighted the government's commitment to ensuring that citizens are not burdened by increasing costs during the next four to six months, as the situation stabilizes.
He also touched upon the temporary quota adjustment for the BUDI MADANI RON95 (BUDI95) initiative, noting that the government would reassess the targeted petrol subsidy assistance implementation based on the current global oil market condition.
Regarding the prime minister's official visit to Russia, Muhammad Kamil described it as a strategic effort to bolster bilateral relations in trade, diplomacy, and energy. He emphasized the importance of diversifying Malaysia's oil and energy resources, capitalizing on Russia's substantial economic potential to benefit Malaysia's trading activities.