PM Anwar Assures Malaysians: RON95 Petrol Price Won't Rise Amidst Global Uncertainty

ISKANDAR PUTERI, June 19 – In a reassuring announcement for Malaysian consumers, Prime Minister Datuk Seri Anwar Ibrahim has affirmed that the government will not be increasing the price of RON95 petrol, despite the current surge in global oil prices and escalating tensions between Iran and Israel. This commitment comes as a welcome relief for many, especially considering the potential economic impact of these global events.

Speaking at a press conference in Iskandar Puteri, Anwar emphasized the government’s dedication to protecting the financial wellbeing of Malaysians. He stated that the decision to maintain the RON95 price is a deliberate effort to shield the public from the effects of international market fluctuations.

Global Oil Price Surge & Geopolitical Risks

The recent spike in global oil prices is largely attributed to a combination of factors. Increased demand, particularly from Asia, coupled with ongoing supply chain disruptions, has put upward pressure on prices. Furthermore, the heightened tensions in the Middle East, specifically the recent conflict between Iran and Israel, have injected considerable uncertainty into the market, causing traders to anticipate potential supply disruptions and further price increases.

Analysts have warned that these geopolitical risks could significantly impact global energy markets, potentially leading to higher fuel costs for consumers worldwide. However, the Malaysian government appears determined to mitigate this impact for its citizens.

Government's Commitment to Price Stability

The government's decision to freeze RON95 prices demonstrates its commitment to fiscal responsibility and social welfare. Maintaining stable fuel prices helps to control inflation and ease the burden on households, particularly those with lower incomes. This policy also benefits businesses, as it reduces operational costs and supports economic growth.

While the government has not disclosed the exact financial implications of maintaining the RON95 price, it is understood that the move will require significant subsidies. Anwar reiterated that the government is prepared to allocate the necessary resources to ensure price stability, prioritizing the needs of the people.

Future Outlook and Considerations

The government’s stance on RON95 prices is expected to be closely monitored in the coming weeks and months. The situation remains fluid, and the government will need to continuously assess the evolving global landscape. Factors such as changes in oil production, geopolitical developments, and fluctuations in the ringgit exchange rate will all play a role in determining the future of fuel prices in Malaysia.

Looking ahead, the government is also exploring long-term solutions to reduce Malaysia’s reliance on imported oil and promote sustainable energy sources. These initiatives aim to enhance energy security and reduce vulnerability to global market shocks.

Stay tuned for further updates on this developing story.