KUALA LUMPUR: Global uncertainty over energy prices and supply is expected to continue affecting markets for another one to two years, says Economy Minister Akmal Nasir.
He said that conditions are expected to stabilise gradually starting in the third quarter of 2026.
Akmal said recovery from the global supply crisis would take time, even though crude oil prices had moderated from previous highs.
He said the impact on logistics costs, refined fuel supplies, agricultural inputs and the prices of goods would not ease immediately.
“However, we will not wait until conditions have fully recovered.
“Monitoring and intervention measures will continue throughout the recovery period to reduce pressure on the people, micro, small and medium enterprises (MSMEs) and industry,” he told the Dewan Rakyat on Monday (June 29).
Akmal said the government was using the current challenges as an opportunity to strengthen Malaysia’s long-term economic resilience under the 13th Malaysia Plan (13MP).
He said priority areas would include raising productivity, expanding high-value industries, strengthening food security, accelerating the energy transition, advancing digitalisation and developing talent.
On food security, he said the 13MP would focus on reinforcing domestic supply chains, expanding the country’s agri-food capacity, diversifying import sources and reducing reliance on critical imported inputs.
Akmal said the country’s rice supply, including buffer stocks, remained under control and was sufficient for five to six months, while supplies of essential food items such as chicken, eggs, fish, milk and fruits were adequate for at least one month.
He added that the Domestic Trade and Cost of Living Ministry monitors the prices of 316 essential goods at more than 2,000 retail outlets nationwide through the PriceCatcher platform, supported by 850 price monitoring officers.
Enforcement against profiteering and smuggling has also been stepped up to prevent global market pressures from being exploited to justify unreasonable price increases, he said.
