Affected by hostilities in West Asia, PETRONAS will continue to work closely with the government and relevant stakeholders to address any potential supply disruption risks, giving top priority to national energy security and public welfare to ensure overall national stability.
The company stated in a press release on Monday (30th) that even though Malaysia is an oil-producing country, over 40% of crude oil needs to be transported through the Strait of Hormuz, so it is not completely spared from the current crisis.
"Since the outbreak of the crisis, crude oil prices have risen by nearly 40%, while global shipping costs, insurance fees, and logistics costs related to transportation have also surged. These factors have all impacted Malaysia’s fuel supply security."
"In terms of finished products, domestic demand continues to exceed local supply. To fill this gap, PETRONAS is fully utilizing its integrated value chain and, through its subsidiaries, is ensuring sufficient petrol and diesel supply to cover about 50% of market share until May 2026, with the remaining supply provided by other oil companies operating in Malaysia."
PETRONAS pointed out that even in the face of global pressure, the government continues to provide subsidies for RON95 petrol and diesel to lessen the burden on the people, so Malaysia’s current fuel prices remain at a relatively low level within the region.
Moreover, given that the duration and overall impact of the Iran war remain uncertain, PETRONAS strongly urges the industry and the public to use energy more efficiently and also advises the public to avoid panic buying and hoarding of fuel, so as not to worsen the impact of the current crisis.