[UPDATED] Malaysia’s oil supply stable until July: economy minister

KUALA LUMPUR — Malaysia has stable fuel supply until July, Economy Minister Akmal Nasrullah Mohd Nasir said, while the government continues to monitor developments on Iran’s closure of the Strait of Hormuz.

“Petronas has informed the National Economic Action Council (MTEN) of its assurance that the country’s fuel supply is sufficient until July 2026, he said in a televised message on Facebook.

He said the average price of Brent crude last week (May 18 to 22) was US$11.67 per barrel, an increase of 1.7 per cent from the week before.

“The price of Brent crude which remains high above US$100 per barrel has caused transportation costs and prices of goods to increase, reflecting the uncertainty in the global energy market as a result of geopolitical risks.”

As such, Putrajaya is looking at more measures to mitigate spillover effects of the global supply crisis, he added, including expansion of diesel subsidies to individual traders.

Akmal said this would involve the Domestic Trade and Cost of Living Ministry, which is looking at helping individual traders register as companies in order to receive incentives under the SKDS diesel initiative.

Previous projections more than a month ago put Malaysia’s oil supply lasting till June. Mid-last month, Petronas said its supply at petrol stations nationwide was secure until end-June.

Malaysia has managed to negotiate with Iran for the passage of certain ships carrying oil imports through the Strait of Hormuz, which has been closed since the conflict began at the end of February.

Akmal today also assured that the country’s supply of medicines and medical devices remained stable, while the prices of goods continue to be monitored. - May 25, 2026

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