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Malaysia Weekly Economic Reviews Begin as Global Oil Prices Hit $115
By Administrator
Published on 03/31/2026 14:00
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The Ministry of Economy and the National Economic Action Council (MTEN) have transitioned to a weekly meeting schedule to monitor the impact of surging global oil prices. With international benchmarks reaching US$115 per barrel due to ongoing Middle East tensions, Economy Minister Akmal Nasrullah Mohd Nasir highlighted the urgent need to protect domestic supply chains. The government is particularly focused on mitigating the "ripple effect" of energy costs on food prices and transport logistics.

To safeguard national interests, Malaysia has strictly enforced a ban on the use of foreign debit and credit cards for the purchase of subsidized RON95 fuel at all petrol stations. This measure is intended to prevent fuel "leakage" to non-citizens during this period of extreme price volatility. Domestic trade enforcement teams have also increased patrols in border states like Perlis and Kelantan to ensure that subsidized fuel remains available only to eligible Malaysian citizens. 

Furthermore, the Ministry of Agriculture and Food Security is preparing for emergency talks with local farming associations tomorrow. The primary goal is to address the skyrocketing costs of fertilizer and animal feed, which are heavily influenced by global shipping disruptions. While the 2026 GDP growth target remains at 4% to 4.5%, officials warn that persistent high energy prices may require additional targeted interventions to assist lower-income households (B40).

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