Petronas Continues To Monitor Malaysia’s Fuel Supply

KUALA LUMPUR, March 30 (Bernama) -- Petroliam Nasional Bhd (Petronas) continues to closely monitor the nation’s fuel supply to help safeguard nationwide stability, amid the ongoing West Asia crisis.

In a statement today, Petronas said that, as the duration and full magnitude of the war in Iran remain uncertain, it strongly advocates more efficient energy consumption by both industry and the public. 

The national oil company also advises members of the public to avoid panic buying and hoarding of fuel as this would worsen the impact of this crisis.

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It said that even though Malaysia is an oil-producing nation, it is not fully insulated from the impact of the crisis. 

"Nearly 40 per cent of the country’s crude oil requirements transit through the Strait of Hormuz. Since the onset of the crisis, crude oil prices have risen by almost 40 per cent,” it added. 

“Consequently, global shipping costs, insurance premiums and delivery-related logistics have also increased significantly.  All these developments have impacted Malaysia’s fuel supply security,” it added.

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On the product side, Petronas explained that national demand continues to exceed domestic supply and the company leverages its integrated value chain, working through its subsidiaries to secure sufficient petrol and diesel supply, to support its market share of nearly 50 per cent, up to May 2026. 

The balance is being supplied by the other oil companies operating in Malaysia, it said. 

Despite global pressures, Petronas said the government provides subsidies for RON95 and diesel to cushion the impact on the people, making fuel prices in Malaysia currently among the lowest in the region.

"Petronas will continue to work closely with the government and relevant stakeholders to manage any potential disruptions and to prioritise the nation’s energy security and well-being," it said. 

-- BERNAMA