The Ministry of Finance held an emergency session today to address the impact of global crude oil prices, which have surged past $110 per barrel due to the blockade in the Persian Gulf. With the Strait of Hormuz closed, Malaysia is facing significantly higher costs for imported refined petroleum. The government is currently deciding whether to increase the domestic ceiling price for RON95 or allocate billions in additional subsidies to prevent a cost of living crisis.

The Minister of Domestic Trade and Cost of Living assured the public that national fuel reserves are currently sufficient for the next 45 days. However, he warned against "panic buying" at petrol stations, which could lead to artificial shortages. Extra enforcement officers have been deployed to monitor fuel distribution centers and ensure retailers are not hoarding supplies in anticipation of a price hike.

Economists warn that a prolonged Middle East crisis could severely widen Malaysia's fiscal deficit. There are growing calls from the private sector to use this crisis as a catalyst for a faster transition to electric vehicle (EV) infrastructure. A formal decision on the fuel price structure for the upcoming week is expected to be released by the government tomorrow evening.