National Petroleum Supply Remains Stable, Govt Prepared With Contingency Plans - DPM Fadillah
KUALA LUMPUR, April 2 (Bernama) -- Malaysia’s petroleum supply remains stable and sufficient, and the government has prepared contingency plans to ensure continued supply under any circumstances, said Deputy Prime Minister Datuk Seri Fadillah Yusof.
He said the plan includes sourcing supplies from alternative markets if the ongoing global energy crisis -triggered by conflict in West Asia - causes prolonged disruptions.
“As an open economy, Malaysia is not exempt from the effects of this (global energy crisis). However, it is important to stress that our country remains under control, prepared, and is taking proactive steps to manage the impact of this crisis.
“Nevertheless, we must remain vigilant and take precautionary measures if this crisis continues,” he said during a Global Energy Crisis Briefing broadcast live on local television today.
The briefing was held following a Cabinet directive to establish a Communications Command Centre linked to the National Economic Action Council to address the situation.
Acknowledging public concerns, Fadillah Yusof said the government, together with Petroliam Nasional Bhd and industry players, is monitoring the supply chain daily. “The government is also consistently holding engagement sessions with stakeholders from various sectors to obtain real-time feedback and coordinate swift actions to ensure that supply stability and the market remain safeguarded,” he added.
Disruptions to strategic routes such as the Strait of Hormuz - a vital artery for global oil flows - have increased market uncertainty and pushed oil prices to high levels.
-- BERNAMA