Malaysia will keep petrol prices at RM1.99 even as global oil prices surge: PM Anwar

The Prime Minister said the government is taking precautionary steps to manage economic risks as the crisis in West Asia disrupts energy markets.

Malaysia has decided to maintain the price of BUDI95 petrol at RM1.99 per litre despite rising global oil prices following the crisis in West Asia.

Speaking at a press conference on Thursday (12 March 2026), Prime Minister Anwar Ibrahim said the escalating conflict in the region has begun to affect the global economy through disruptions to energy supply chains and a surge in oil prices, creating uncertainty in international markets.

"As an open trade country, Malaysia is not exempted from this development and faces the risks of increased transportation costs, pressure on goods prices as well as challenges to economic stability,” he said.

In response, the government has chosen to keep the BUDI95 petrol price unchanged to protect the interests of the public, even as global oil prices climb.

Malaysia’s oil supply remains stable

Despite the global volatility, PM Anwar said Malaysia’s petroleum supply remains stable.

As he shared, national oil company PETRONAS has confirmed that the country’s petroleum reserves are sufficient until at least May 2026. This stability, the PM said, reflects efforts in managing Malaysia’s oil reserves.

Government introduces cost-saving measures

At the same time, the government has begun implementing cost-saving measures.

These include cancelling Aidilfitri open house events organised by ministries, government agencies, and government-linked companies (GLCs), as well as limiting overseas visits by ministers and members of the administration.

Enforcement efforts will also be strengthened to prevent parties from taking advantage of the situation.

Malaysians evacuated from West Asia

The government has also taken steps to ensure the safety of Malaysians in affected areas. A total of 170 Malaysians and their family members have been successfully evacuated from West Asia through a special chartered aircraft.

The operation was coordinated by the National Security Council (MKN), the Ministry of Foreign Affairs (Wisma Putra), and other security agencies. Authorities said evacuation efforts are continuing where necessary.

Committees set up to monitor economic impact

To address the broader economic implications of the war, the government has formed two special committees.

A special enforcement committee chaired by the YAB Dato' Sri Haji Fadillah Yusof, Deputy Prime Minister will focus on curbing profiteering and ensuring fair pricing in the market.

Meanwhile, Datuk Seri Amir Hamzah Azizan, Minister of Finance II will lead another committee tasked with studying the daily economic impact of the war and advising on policy responses.

Special Cabinet meeting to review next steps

PM Anwar said the government will convene a special Cabinet meeting on Friday, 13 March, to assess the situation further. The meeting will review Malaysia’s fiscal position, monitor developments related to the war in West Asia in real time, and discuss strategic measures to safeguard the country’s economic stability.

A reminder of global uncertainty

Concluding the briefing, Anwar said the government will continue to closely monitor developments and take additional measures where necessary to maintain economic stability and protect the welfare of Malaysians.

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Lead image / PM Anwar Facebook