JOHOR BARU: The government will assess Malaysia’s oil supply security and the potential economic impact of global energy disruptions at the upcoming National Economic Action Council (MTEN) meeting, says Economy Minister Akmal Nasrullah Mohd Nasir (pic).
He added that the weekly meeting, chaired by Prime Minister Datuk Seri Anwar Ibrahim, will focus on mitigation measures to ensure the country’s oil supply remains stable amid ongoing global conflicts that could disrupt energy supply chains.
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"We will look at the country’s capability in terms of oil supply and discuss mitigation steps to ensure supply security for Malaysia," he told reporters after visiting a Rahmah Sale programme at the Desa Dato Hajah Hasnah flats here on Sunday (March 15).
Akmal Nasrullah said the meeting will also examine industries that could be affected by global supply disruptions, particularly the transportation and logistics sectors, which rely heavily on fuel.
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He added that disruptions involving major shipping routes such as the Strait of Hormuz could affect the global supply of oil and gas, potentially increasing costs for petroleum-based products such as petrol and diesel.
"The rise in oil prices could also increase manufacturing and logistics costs, as many goods rely on petroleum in their production and transportation processes," he said.
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Akmal Nasrullah also said these developments could create inflationary pressure in the coming months, although Malaysia managed to keep inflation relatively low at about 1.4% for the whole of last year.
