PMX: Govt Working Hard to Maintain RON95 at RM1.99/Litre as Global Oil Prices Hit USD100/Barrel

The government will make every effort to maintain the price of RON95 petrol at RM1.99 per litre to avoid burdening the public, Prime Minister Datuk Seri Anwar Ibrahim announced today.

Anwar, who also serves as the Finance Minister, stated that although global oil prices have reportedly been rising, the situation within Malaysia remains under control. This is due to the low RON95 price currently maintained through targeted subsidies.

Impact of regional tensions

He recently warned Malaysians that the subsidised price of RM1.99 per litre may last for two months due to the ongoing conflict in West Asia. Speaking at a gathering with staff of the Ministry of Domestic Trade and Cost of Living (KPDN) today (9 March), Anwar stated:

“Today, the price of oil, Brent per barrel, has already risen to USD100 (~RM396.95). We are still holding at RM1.99 for RON95, and we will make every effort to ensure it does not burden the people.”

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Global conflict and energy routes

Israel and the United States of America launched attacks on Iran on 28 February, followed by Tehran’s retaliatory strikes on US interests in the Gulf region.

Although the conflict between Iran, the US, and Israel continues, Iran’s Deputy Foreign Minister, Saeed Khatibzadeh, reportedly stated that Iran has not closed the Strait of Hormuz, an important maritime route for global energy transport.

The Strait of Hormuz is a narrow waterway between Iran and Oman, and is one of the main shipping routes for the global gas and oil industry.

National stance and economic advice

Anwar added that Malaysia does not agree with violence, the greed for power, or any attempts to conquer or undermine other countries. He also expressed sympathy for the countries in the Middle East affected by the ongoing tensions involving Iran, the United States, and Israel.

He also reminded Malaysians to save up and spend wisely amid the economic uncertainties.

Stay tuned to WORLD OF BUZZ as we keep you updated.

Also read: “Grateful to be Malaysian” – Man Compares Fuel Prices Globally & Finds Malaysia to Have the Cheapest