PETALING JAYA: Malaysia's supply of crude oil will remain stable in the coming months despite global uncertainties, says Datuk Fahmi Fadzil.
"At Tuesday's (April 28) National Economic Action Council (MTEN) meeting, we discussed the country's supply of crude oil for the months ahead.
"Based on information provided, PETRONAS' supply is at a satisfactory level for May and June. There should be no issues," the government spokesman told reporters during his weekly press conference at Angkasapuri on Wednesday (April 29).
He added that MTEN is closely monitoring global oil prices.
"At the same time, MTEN is very concerned over global price trends, whether for crude oil or products like RON95 petrol and diesel, due to the ongoing closure of the Strait of Hormuz," he said.
He said several government measures and initiatives related to targeted fuel subsidies specifically for RON95 petrol and diesel are being coordinated and remain under constant scrutiny.
"These measures, including the Budi95 and Budi Diesel initiatives, are still under consideration but the focus is very much on ensuring supply and managing global oil prices," he said.
Before the Iran conflict, Brent crude oil was trading at about US$70 per barrel.
As of April 27, Brent crude oil was trading above US$110 per barrel, marking a significant year-on-year increase of more than 70%.
