KUALA LUMPUR - The price of subsidised RON95 petrol under the BUDI MADANI RON95 (BUDI95) initiative will remain at RM1.99 per litre despite significantly higher market prices following the conflict in West Asia, Prime Minister Datuk Seri Anwar Ibrahim said.
He said Malaysia’s petroleum supply remains stable, and a review with Petronas found that the country’s petroleum product supply is sufficient at least until May.
"This is certainly different from the situation in many other countries. That is why I often emphasise the importance of governance, efficient management, integrity and professionalism. We will continue to face these challenges while focusing on safeguarding the interests and welfare of the people.
"The government must ensure that the people are protected from the full impact of rising oil prices, which would also affect the cost of other essential goods. That is why I have informed the Cabinet of the decision to set the BUDI95 price at RM1.99 per litre.
"...even though market prices are much higher and the actual price is far higher, especially compared with prices in neighbouring countries, which are three times higher,” he said at a special press conference on the latest developments in the West Asia conflict today.
Anwar said due to the conflict in West Asia and disruptions to oil supplies from the Strait of Hormuz, more than 400 oil tankers were estimated to have been stranded and Brent crude prices had reached USD119 per barrel on March 9.
"Although oil prices are now below the USD90 level, they remain volatile and have caused a sharp increase in market petrol and diesel," he said.
To prevent leakages and fuel smuggling, Anwar said he had tasked Deputy Prime Minister Datuk Seri Fadillah Yusof, together with the Domestic Trade and Cost of Living Ministry (KPDN), to ensure closer monitoring and stricter action against those attempting to take advantage of the situation.
The prime minister said he understands the concerns of the people and assured that the situation remains under control.
He said the government will continue to monitor developments in West Asia and plan measures to ensure that the interests of the people and the country remain safeguarded.
"As we know, we have gone through tests and crises before. I am confident that, insya-Allah, with a more responsible attitude and cooperation from all parties, the government leadership, civil servants, the private sector and the people, we will be able to manage this challenge well.
"May Allah SWT bless our efforts and protect our country," Anwar said. - BERNAMA