KUALA LUMPUR (June 29): Malaysia’s fuel supplies are now sufficient till August this year, according to Economy Minister Akmal Nasrullah Mohd Nasir.

The government is now “working to ensure that fuel supplies continue to be secured,” Akmal Nasrullah told Dewan Rakyat on Monday. 

“This is important so that the daily activities of the people, public transportation, logistics, businesses and critical sectors can continue to operate.”

Rice supply, including buffer stocks, is sufficient for five to six months, while basic food item supply — such as chicken, eggs, fish, milk and fruits — is enough for at least one month, he noted.

Measures announced to reduce fuel consumption so far include reduction of the Budi95 monthly subsidised fuel quota limit to 200 litres, and cash assistance to farmers and smallholders, as well as hybrid work arrangement arrangements for civil servants.

The monthly spending on fuel subsidies have jumped nearly 10 times to over RM7 billion in April since the outbreak of the Iran war that has disrupted a fifth of global oil and gas supply flowing through the critical Strait of Hormuz.

There were renewed conflicts in the Middle East last week amid a fragile truce, though the US and Iran have agreed not to further escalate.

The government is also monitoring prices by location through the PriceCatcher platform, with the Ministry of Domestic Trade and Cost of Living watching 316 essential goods at more than 2,000 retail premises nationwide with the support of 850 price monitoring officers.

“Enforcement against profiteering and smuggling has also been intensified to ensure that global pressures are not manipulated to raise prices unreasonably,” Akmal Nasrullah added.

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