Govt to ensure sufficient petrol levels until December

 Economy ministry says the government is not taking the situation lightly, as physical supply constraints and declining global inventories persist.

The economy ministry said Malaysia’s oil and fuel supplies remained stable and sufficient to meet domestic demand as of June 2026.

KUALA LUMPUR:

The government will continue to ensure secure and sufficient levels of petroleum from July 2026 to December 2026, according to the economy ministry.

It said the country’s oil and fuel supplies remained stable and sufficient to meet domestic demand as of June 2026, following the government’s measures since disruptions began in the Strait of Hormuz on Feb 28, 2026.

“Brent crude oil prices, which peaked at US$144.50 per barrel in early April 2026, declined to US$99.29 per barrel between June 1 and 5, 2026, reflecting increasingly positive market sentiment following progress in peace negotiations.

“The government, however, is not taking the situation lightly, as physical supply constraints and declining global inventories persist,” it said in a written parliamentary reply.

The ministry was responding to a question from Hamzah Zainudin (PN-Larut) on the current status of Malaysia’s oil and fuel supply security from July 2026 to December 2026, including projections of national petroleum stocks and the government’s mitigation measures in response to global geopolitical conflicts.

It said supply security is being ensured through a combination of three key approaches: diversifying import sources, optimising domestic fuel production through biodiesel, and implementing long-term supply agreements.

“The government has implemented several measures to safeguard oil supply security, including diversifying petroleum supply sources, optimising domestic fuel supply through biodiesel, preventing leakages through enforcement, and carrying out data-driven monitoring,” it said. - FMT