PETALING JAYA: Tan Sri Muhyiddin Yassin has questioned the government's preparedness in facing the economic challenges resulting from the Middle East crisis.
The Bersatu president said measures like adjustments made to the quota for subsidised RON95 petrol under Budi95 and diesel control measures were merely administrative, but did not answer the basic issue of energy supply sustainability.
Muhyiddin said Prime Minister Datuk Seri Anwar Ibrahim's special address on Thursday (March 26) confirmed the rakyat's worries that the economic situation was becoming more challenging following the geopolitical instability in the Middle East.
"It has failed to inspire confidence that the government has a clear, organised and immediate plan to face the possibility of a global crisis.
"Malaysia, as an open economy, is not exempt from the risks of oil price spikes, disruptions to the supply chain and inflationary pressures.
"Is the government truly ready?" Muhyiddin said in a Facebook post on Friday (March 27).
He said the rakyat have a right to know the country's true reserve levels, how long supplies will last and contingency plans in case of a major disruption.
In a special address on Thursday, Anwar also said Iranian President Masoud Pezeshkian had allowed Malaysian oil tankers to pass through the Strait of Hormuz.
Anwar had said efforts were underway to release Malaysian oil tankers and the workers involved so that they could continue their journey home.
Muhyiddin said this raises new questions on the true level of risk to our country's energy supply.
"To be more transparent, can the government explain the revenue obtained by PETRONAS through the global oil price hikes at this time and how much can be returned to the rakyat by controlling the prices of oil so that it does not get out of hand?" he questioned.
He also dismissed the government's statement that 90% of the people were not affected by the price hike as "confusing", because the situation would lead to an increase in costs in the supply chain and a sudden spike in the prices of daily goods.
"In reality, 100% of the rakyat is affected by the spike in oil prices," he said.
Muhyiddin said the government should immediately activate the crisis status in the National Economic Action Council to meet daily to monitor global developments, as done during the 1997-1998 economic crisis and the Covid-19 pandemic.
"Stimulus packages should be planned to protect critical sectors and industry players like micro, small- and medium-sized enterprises so that their impact can be minimised," he said.
