PETALING JAYA: Efforts are being intensified to ensure energy security, including diversifying supply sources and exploring alternative routes, to reduce dependence on high-risk passages, such as the Strait of Hormuz, says Prime Minister Datuk Seri Anwar Ibrahim.
Anwar, who chaired the third National Economic Action Council meeting for 2026, said several proactive and swift intervention measures will also be implemented immediately to safeguard Malaysia’s economic resilience.
The meeting looked into current geopolitical developments and global economic pressures as well as safety implications following the conflict in West Asia.
“The well-being of the people, particularly on matters related to the cost of living, remains a top priority for the Madani administration.
“The situation will continue to be closely monitored, with information conveyed transparently to the public,” he said in a social media post yesterday.
The Prime Minister also said calmness, discipline and a spirit of togetherness remain crucial to ensuring the country stays stable and resilient amidst these challenges.
Anwar had recently said that Malaysia’s fuel subsidy bill surged more than fourfold in under a week due to a sharp spike in global oil prices triggered by disruptions in the Middle East shipping route.
He said national monthly RON95 and diesel subsidies have risen from RM700mil to RM3.2bil within the period.
Recent geopolitical developments in the Middle East, including the Iran-US conflict, have seen thousands killed, with passage through the Strait of Hormuz tightly controlled.
The strait carries about one-fifth of the world’s oil consumption, as well as large volumes of gas, leading to widespread global disruptions.
Oil prices dropped about 11% on Monday after US President Donald Trump said he would postpone any military strikes against Iranian power plants for five days and cited constructive talks to resolve hostilities in the Middle East, hours before a deadline that threatened to escalate the four-week-old war.
In a video statement later in the day, Anwar said any negotiations must proceed on the basis of genuine intent and transparency.
Welcoming Pakistan’s offer to host dialogue between the United States and Iran, Anwar said negotiations must have a clear commitment to ending the conflict and not managing its tempo for tactical advantage.
“The international community has seen too many ceasefires that function as pauses rather than conclusions. The region deserves something more durable,” said Anwar.
It was earlier reported that Pakistan delivered a proposal from the United States to Iran, and either Pakistan or Turkiye could be venues for discussions to de-escalate the war, said a senior Iranian official on condition of anonymity.
Anwar also called on all parties to exercise maximum restraint and ensure that all civilian populations and the infrastructure of neighbouring states, namely the Gulf states, are not drawn further into the conflict.
“The Gulf states, the region and the world have much at stake – economically, socially and in long-term stability.
“The people must not bear the consequences of decisions taken elsewhere,” he said.
Malaysia, Anwar said, also reaffirms Iran’s right to defend its sovereignty as recognised under international law, particularly in the face of continued Israeli strikes in the country and in Lebanon.
The Prime Minister also expressed concern that certain advocates of the “rules-based international order” are seemingly applying it unevenly.
“International law cannot be invoked selectively. It cannot shield one party from accountability while denying another’s inherent right to self-defence. Credibility depends on consistency,” he said.
Anwar added that he has also held discussions with leaders of the Gulf Cooperation Council, Turkiye, Egypt, Indonesia, Japan, Pakistan and other partners to better understand the situation and advocate for de-escalation.
“Malaysia will continue to support every credible effort towards a just and lasting peace,” he said.
