KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim is expected to announce a plan to ensure the continuity of the country’s oil supply in mid-May, following global supply uncertainties caused by the prolonged conflict in the Middle East and the closure of the Strait of Hormuz, says Akmal Nasrullah Mohd Nasir.
The Economy Minister said the plan is expected to focus on efforts to ensure domestic oil supply remains sufficient to support the continuity of the country’s economic activities, after the government previously assured that current supplies could last until June.
He said Petroliam Nasional Bhd (PETRONAS) is now at the final stage of finalising new supply sources to ensure Malaysia’s oil supply continuity for the next period.
“The Prime Minister previously stated that several new sources are being finalised and he is expected to present the next schedule related to Malaysia’s oil supply,” he told reporters after being a panellist at the forum “Energy Crisis 2026: Are We Ready to Rethink Refuel?”, held in conjunction with the University of Malaya Economic Summit (UMES) here on Saturday (May 9).
Meanwhile, Akmal Nasrullah said the country’s oil reserves are currently still at an operational level, and Malaysia is still able to withstand supply disruptions due to the intervention and management measures that have been implemented.
Beyond domestic efforts, he said the government is also looking at regional co-operation as an important approach to strengthen energy supply resilience.
“At the Asean level, I understand there are discussions in the context of direction for regional-level reserves, but of course in terms of the framework, mechanisms and so on, we need further details because it involves diplomacy and relationships among member countries,” he said.
On the use of B15 biodiesel, he said the government is optimistic that implementation of the higher biodiesel blend can begin on June 1 to help extend the lifespan of the country’s diesel supply.
He added that the implementation structure involves the entire biodiesel supply chain, including distribution to petrol stations, and has received good commitment from the relevant ministries and agencies. — Bernama
