Anwar promises maximum effort to keep RON95 steady despite Brent crude surge

PUTRAJAYA, March 2 — The government will try to maintain the price of RON95 petrol for Malaysians at the current level of RM1.99 per litre despite global market uncertainty due to the conflict in the Middle East, said Prime Minister Datuk Seri Anwar Ibrahim.

Anwar, who is also the finance minister, said the increase in global oil prices following Strait of Hormuz disruptions is expected to affect the country, but the government is nonetheless determined to hold the subsidised RON95 price under the Budi Madani RON95 (Budi95) programme.

“Insya Allah, for the people of Malaysia, I will try to ensure there is no increase in fuel prices.

“We will give the maximum effort to hold off (on raising prices). But (the market) is beyond our control, and we cannot guarantee there won’t be any price increase,” he told reporters after a breaking-of-fast event with local community leaders at the Seri Perdana Complex here yesterday.

Global markets turned cautious on Sunday following the United States’ military action against Iran and the rising geopolitical risks.

Economists warned that the situation in the Middle East could reinforce risk-off sentiment and affect oil prices, the ringgit, and trade flows.

Research and energy intelligence firm Rystad Energy said Intercontinental Exchange (ICE) Brent crude oil prompt-month prices are expected to surge by as much as US$20 per barrel when trade opens on Monday as risk premiums are rapidly repriced.

“Unless de-escalation signals emerge swiftly, we expect a significant upward repricing of oil at the start of the week,” said its senior vice president and head of geopolitical analysis Jorge Leon in a research note today. — Bernama