KUALA LUMPUR, July 15 (Xinhua) -- Malaysian Prime Minister Anwar Ibrahim said that his country is in a position to cover rising fuel costs and ensure adequate supply despite the reignited conflicts in the Middle East.
In his speech in parliament on Tuesday regarding the measures taken by the government against possible supply disruptions, Anwar stated that global price increases are expected to affect Malaysia's oil, natural gas and diesel imports, but the main challenge is to maintain supply stability. Enver noted that they are carrying out activities to diversify their import sources in this direction.
Stating that Russia has assured Malaysia about long-term diesel and oil supply, Enver said that Turkmenistan has given Malaysia's state-owned energy company Petroliam Nasional Berhad (Petronas) access to natural gas fields, and exploratory drilling is planned to start in December this year.
Enver stated that the government continues to provide subsidies for petroleum products and that these supports could reach 40 billion ringgit (approximately 9.81 billion US dollars) in 2026.
Enver also noted that the government spent 800 million ringgit per month in January and February to subsidize the widely used RON95 gasoline and diesel, and 5 billion ringgit per month in March and April, and with the decline in oil prices, this amount decreased to 4 billion ringgit in May.