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The government will try to maintain the price of RON95 petrol at RM1.99 per litre despite global market volatility stemming from conflict in the Middle East, said Prime Minister Datuk Seri Anwar Ibrahim
Anwar, who is also the Finance Minister, acknowledged that rising global oil prices due to disruptions in the Strait of Hormuz are expected to impact the country.
However, he stressed that the government is committed to keeping the subsidised RON95 price for Malaysians stable under the Budi Madani RON95 (Budi95) programme.
"InsyaAllah, for the people of Malaysia, I will try to ensure there is no increase in fuel prices.
"We will give the maximum effort to hold off on raising prices. But the market is beyond our control, and we cannot guarantee there won't be any price increase," he told reporters after a breaking-of-fast event at the Seri Perdana Complex in Putrajaya on Sunday, 1 March.
Global markets have turned cautious following recent attacks involving the US, Israel, and Iran, which have escalated tensions across the Middle East
Economists, as reported by Bernama, warn that the situation could increase risk-off sentiments and impact oil prices, the ringgit, and trade flows.
The Strait of Hormuz, located between Iran and Oman, is a critical global oil transit route, with about 20% of the world's oil supply passing through it.
Energy intelligence firm Rystad Energy forecasts that Brent crude oil prices could surge by as much as USD20 (RM78) per barrel when markets open on Monday, 2 March, as risk premiums are rapidly repriced.
"Unless de-escalation signals emerge swiftly, we expect a significant upward repricing of oil at the start of the week," said Jorge Leon, the firm's senior vice president and head of geopolitical analysis.
In early trade this morning, Brent crude surged by about 10% to just above USD80 (RM312) per barrel, up from its closing price of USD72.87 (RM284) on Friday, 27 February, before easing slightly.
