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Post by : Shweta
KUALA LUMPUR — Malaysia has assured the public that its fuel supply remains stable and adequate despite renewed concerns over possible shipping disruptions in the Strait of Hormuz following fresh tensions involving the United States and Iran.
Economy Minister Akmal Nasir Nasrullah said the government is taking measures to ensure sufficient fuel supplies until December. These efforts include diversifying import sources, optimising domestic fuel production and strengthening long-term energy cooperation agreements.
The minister said the average price of liquefied natural gas, or LNG, increased by 7.9 per cent from US$16.05 to US$17.31 between July 6 and July 10. The increase was linked to global efforts to replenish energy reserves
Read more : Trump Applauds Iran for Reopening Vital Strait of Hormuz
The Strait of Hormuz remains a critical route for global energy shipments, and any disruption could affect oil and gas markets. Malaysia is therefore working to reduce its exposure to potential external supply shocks.
Electricity demand in Peninsular Malaysia increased by 2.5 per cent last week compared with the previous week. However, the government said the increase remained within the country's available power reserve margin.
Authorities continue to monitor global energy markets and domestic demand to maintain reliable supplies while geopolitical uncertainty affects major shipping and energy routes.
To strengthen Malaysia's resilience against future energy and economic shocks, the government will continue negotiations on a free trade agreement with the European Union and promote the circular economy.
The government is also considering proposals to introduce Extended Producer Responsibility on a voluntary basis as part of broader efforts to improve economic and environmental sustainability.
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