KUALA LUMPUR (March 16): Malaysia is ruling out a fiscal measure despite heightened tensions in the Middle East that have roiled global markets and disrupted oil and gas supplies.

The government’s current priority is to maintain the stability of energy and food supplies, Finance Minister II Datuk Seri Amir Hamzah Azizan told reporters on the sidelines of the Malaysia Co-investment Fund (MyCIF) Engagement Day.

Any further measures would depend on whether the situation in the Middle East deteriorates further, he said.

Global oil markets have been in turmoil since the US and Israel launched attacks on Iran last month. In response, Tehran closed the Strait of Hormuz — a route that carries about a fifth of global oil supply — sending Brent crude prices soaring above the US$100 (RM393.30)-per-barrel mark.

Last week, Prime Minister Anwar Ibrahim assured that the country’s petroleum product supplies are secure at least until May 2026, adding that the government will maintain the subsidised price of its most widely used RON95 petrol at RM1.99 per litre.

Amir Hamzah reiterated on Monday that Malaysia will continue with targeted subsidy schemes such as Budi Madani, including Budi Individu, Budi Agri-Komoditi and Budi 95.

Petrol supply also remains stable for now, he said, noting that the seasonal spike in fuel consumption during the upcoming Hari Raya Aidilfitri has been factored into energy firms’ supply planning.

In addition, national oil company Petroliam Nasional Bhd, or PETRONAS, and other energy-related firms are looking to increase stock levels to meet domestic demand and ensure continued supply security, Amir Hamzah said, though he did not elaborate further.