KUALA LUMPUR (March 30): National oil company Petroliam Nasional Bhd (PETRONAS) is calling on the public to avoid panic buying and hoarding of fuels, warning that such actions would worsen the impact of the escalating war in Iran.

"As the duration and full magnitude of the war in Iran remains uncertain, PETRONAS strongly advocates more efficient energy consumption by both industry and members of the public," it said in a statement on Monday, adding it is closely monitoring the nation's fuel supply to help safeguard stability nationwide amid the West Asia conflict, which has now escalated to crisis level.

It also confirmed that Malaysia is not fully insulated from the impact of this crisis despite being an oil-producing nation, with nearly 40% of the country's crude oil requirements transiting through the Strait of Hormuz. 

"Since the onset of the crisis, crude oil prices have risen by almost 40%. Consequently, global shipping costs, insurance premiums and delivery-related logistics have also increased significantly. All these developments have impacted Malaysia’s fuel supply security," it said.  

To address national demand, which continues to exceed domestic supply, PETRONAS is leveraging on its integrated value chain to secure sufficient petrol and diesel supply to support its market share of nearly 50% till May 2026. "The balance is being supplied by other oil companies operating in Malaysia"

PETRONAS said it will continue to work closely with the government and relevant stakeholders to manage any potential disruptions and to prioritise the nation’s energy security and well-being.

Malaysia’s retail fuel prices are regulated by the government under the automatic pricing mechanism. 

“Despite global pressures, subsidies for RON95 petrol and diesel have kept prices relatively low compared with neighbouring countries, helping to cushion the impact on consumers,’ it added.