PETALING JAYA: Petronas will work with its subsidiaries to secure sufficient petrol and diesel supply to address the shortfall in the commodity caused by the Middle East conflict, as national demand continues to exceed domestic supply.
The national oil company said it would leverage on its integrated value chain to support its market share of nearly 50%, up to May 2026.
“The balance is being supplied by the other oil companies operating in Malaysia,” it said in a statement this evening.
Petronas said it will continue to work closely with the government and stakeholders to manage any potential disruptions and to prioritise the nation’s energy security and well-being.
It called for more efficient energy consumption by both industry and the public, noting that the duration and full magnitude of the war in Iran remains uncertain.
“The company would also advise members of the public to avoid panic buying and hoarding of fuels as this would worsen the impact of this crisis,” it said.
Petronas said that even though Malaysia is an oil-producing nation, it is not fully insulated from the impact of the war in Iran, with nearly 40% of the country’s crude oil requirements transit through the Strait of Hormuz.
Since the onset of the crisis, it said, crude oil prices have risen by almost 40%, which in turn has led to global shipping costs, insurance premiums and delivery-related logistics to increase significantly.
“All these developments have impacted Malaysia’s fuel supply security,” it said.
Earlier this month, Prime Minister Anwar Ibrahim said Malaysia has a sufficient supply of petrol to maintain the subsidised price at least until May.
Last week, Anwar announced that the 300-litre monthly quota for subsidised RON95 petrol has been reduced to 200 litres as an interim measure to address the impact of the Middle East conflict.
The new quota for the subsidised fuel, priced at RM1.99 per litre, is expected to take effect in April.
