PUTRAJAYA: Global crude oil prices have climbed to around US$100 per barrel following escalating tensions in the Middle East, but the government will continue efforts to maintain the RON95 petrol price at RM1.99 per litre, says Prime Minister Datuk Seri Anwar Ibrahim.
He said the conflict in the region and disruptions to key shipping routes, including the Strait of Hormuz, could push global costs higher.
ALSO READ: Iran's Revolutionary Guards threaten to 'burn' ships in Strait of Hormuz, halt oil exports
“If the Strait of Hormuz is affected or closed, the impact on global supply and transportation costs will be significant,” he said at the Domestic Trade and Cost of Living Ministry’s monthly assembly here on Monday (March 9).
He noted that the disruption has already affected the movement of oil, gas and essential goods, with hundreds of tankers reportedly facing delays.
“This will inevitably increase global costs, including transportation and logistics,” he said.
ALSO READ: Oil spikes as widening Iran crisis disrupts flows through Hormuz
Despite the pressure on global markets, Anwar said the government would continue taking measures to shield Malaysians from rising fuel prices.
“We will do our best to ensure the price of RON95 remains at RM1.99 so that the rakyat are not burdened,” he said.
