Report: Malaysian Prime Minister to Announce Plan for Stable Petroleum Supply Assurance in Malaysia

The report, citing Malaysia's Minister of Economy, stated that the core objective of the plan is to ensure sufficient domestic oil supply and support economic operations. The situation in Iran and disruptions to shipping in the Strait of Hormuz have already triggered concerns about a global energy crisis. The Malaysian government indicated that fuel subsidy spending in April is expected to reach 7 billion ringgit, about ten times higher than before the outbreak of the conflict in Iran. Previously, the Malaysian government disclosed that current fuel reserves could only be maintained until June. According to the report, Malaysia's state-owned oil and gas company, Petronas, has entered the final stage of securing new suppliers. The Minister of Economy noted that ASEAN has also commenced discussions on establishing a regional energy reserve, though relevant frameworks and mechanisms still require further refinement. The report stated that the Malaysian government is optimistic that B15 biodiesel can be officially launched on June 1, in order to extend domestic diesel reserves.