Kuala lumpur: Retail fuel prices in Malaysia are reportedly lower than those in major oil-producing countries such as Qatar and Saudi Arabia, Prime Minister Datuk Seri Anwar Ibrahim stated in the Dewan Rakyat. This revelation comes amid discussions on the competitiveness of Malaysian fuel prices compared to other oil-rich nations.
According to BERNAMA News Agency, Anwar highlighted that the subsidised price of RON95 petrol under the BUDI MADANI initiative is retained at RM1.99 per litre. In contrast, the price in Saudi Arabia has risen above RM2.40 per litre, underscoring the Malaysian government's efforts to keep fuel prices affordable. Anwar addressed claims about the alleged non-competitiveness of Malaysian petrol prices, affirming that they remain lower than those in Qatar, Saudi Arabia, and the United Arab Emirates (UAE), which recently increased its fuel prices.
In response to a supplementary question from Datuk Rosol Wahid (PN-Hulu Terengganu) concerning the disparity in fuel prices during former Prime Minister Datuk Seri Najib Razak's administration and Anwar's past pledge to reduce fuel prices, Anwar explained that fuel price changes must be understood in the context of the current economic landscape. He pointed to various government assistance programs, including Sumbangan Tunai Rahmah (STR), Sumbangan Asas Rahmah (SARA), and the RON95 petrol subsidy, as well as the BUDI Diesel initiative, as part of a broader strategy to support the population.
Anwar emphasized that overall government assistance has increased significantly compared to previous administrations, although he refrained from making direct comparisons. He also invited constructive suggestions for improving fuel price policies, emphasizing the government's openness to input from various stakeholders to ensure economic stability and public welfare.
Earlier, Rosol had inquired about the government's evaluation of the prolonged crisis in the Strait of Hormuz and measures taken to mitigate its effects. Anwar responded that the government is prioritizing the assurance of sufficient fuel supplies, price stability, support for micro, small, and medium enterprises (MSMEs), and the bolstering of economic resilience. He mentioned that the allocation for STR and SARA has been increased to RM15 billion this year, benefiting over nine million recipients, alongside rent deductions provided by Kuala Lumpur City Hall (DBKL) and Majlis Amanah Rakyat (MARA) for business premises.
Anwar concluded by acknowledging ongoing geopolitical tensions in West Asia and disruptions to key trade routes, such as the Strait of Hormuz, which continue to exert pressure on both global and national economies.