PETALING JAYA: RON95 and diesel subsidies have risen from RM700mil to RM3.2bil within less than a week as global prices spiked following disruptions to a key West Asian shipping route, says Datuk Seri Anwar Ibrahim.<\/p>\n
In an explainer video shared on his official Facebook page Sunday (March 22), the Prime Minister said that the West Asia conflict had affected the Strait of Hormuz, through which about 20% of the world\u2019s oil supply passes.<\/p>\n
The disruption has tightened global supply, pushing prices up sharply within days.<\/p>\n
\u201cWithin less than a week, global oil prices surged from around US$70 to nearly US$120 per barrel,\u201d Anwar said.<\/p>\n
Despite being an oil-producing country, Malaysia remains dependent on imports, with nearly half of its supply coming through the affected route.<\/p>\n
The post said Malaysia exported crude oil worth about US$5.5bil last year but imported almost US$12.6bil, resulting in a deficit exceeding US$7bil.<\/p>\n
\u201cMalaysia does produce oil, but we also import more oil than we export,\u201d Anwar said.<\/p>\n
He added that imported crude must be refined, transported and insured before reaching consumers, with all costs rising during periods of conflict.<\/p>\n
The increase has ripple effects beyond fuel, impacting transportation costs, food prices and household spending nationwide.<\/p>\n
To shield consumers, the government has stepped up subsidies so that Malaysians do not bear the full brunt of global price increases.<\/p>\n
\u201cIn these challenging times, Malaysia has chosen to absorb part of the global cost pressures to protect the rakyat,\u201d Anwar said.<\/p>\n
The post also expressed confidence that the country would be able to weather the challenges ahead, noting that Malaysia has overcome similar pressures in the past.<\/p>\n
“In an increasingly volatile world, efforts to protect the welfare and well-being of the people remains a priority of the Madani government,” Anwar added.<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"PETALING JAYA: RON95 and diesel subsidies have risen from RM700mil to RM3.2bil within less than a week as…\n","protected":false},"author":2,"featured_media":556764,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[26227,64,63,99,164,3786,274937,935,1861,6895,25395,16367,29081],"class_list":["post-556763","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-anwar-ibrahim","tag-au","tag-australia","tag-business","tag-economy","tag-government","tag-madani","tag-malaysia","tag-people","tag-prime-minister","tag-subsidies","tag-welcome","tag-welfare"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/556763","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=556763"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/556763\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/556764"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=556763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=556763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=556763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}