Tag: increase

Oil And Gas Supply Secure, But Rising Prices Strain Govt Finances – PM Anwar

PUTRAJAYA, May 4 -- Prime Minister Datuk Seri Anwar Ibrahim stressed that the country’s oil and gas supply remains secure, but rising global fuel prices continue to strain government finances as it maintains the RON95 price at RM1.99 to protect the majority. He said disruptions and risks to international trade routes due to conflicts in West Asia have led to higher shipping and insurance costs, which in turn are affecting fuel prices. However, he added that Malaysia is still able to ensure sufficient domestic oil and gas supply through its good relations with Iran and other producing countries, including Russia, Turkmenistan and Uzbekistan. “So, fuel supply is assured, but prices are rising. “This is not a problem originating from us, but from external factors. That is why we are compelled to face the challenge of rising fuel prices,” he said while delivering a speech and briefing on the issue at the Ministry of Natural Resources and Environmental Sustainability’s monthly assembly here today. Anwar, who is also Finance Minister, said the government is committed to ensuring that rising global oil prices do not burden the majority of the people through the implementation of the BUDI MADANI RON95 (BUDI95) subsidy, despite having to bear a heavy financial cost. He said that at present, the government is spending RM5 billion a month on fuel subsidies, compared with RM700 million in January when the BUDI95 subsidy was introduced. “Malaysia is still maintaining the RON95 price (RM1.99 per litre)… if prices surge further, the subsidy could exceed RM6 billion a month. But for now, the government is bearing about RM5 billion a month. “In January, when I announced the RON95 subsidy, we were covering RM700 million a month. I thought that was manageable, as Malaysia is not a poor country,” he said. The Prime Minister urged all parties to understand that rising oil prices are a global reality and not the result of weaknesses in domestic policy. Oil prices rose above USD120 a barrel on Thursday after President Donald Trump warned Iran that a United States naval blockade in the Strait of Hormuz could continue for several months. -- BERNAMA

PUTRAJAYA, May 4 — Prime Minister Datuk Seri Anwar Ibrahim stressed that the country’s oil and gas supply remains secure, but rising global fuel prices continue to strain government finances as it maintains the RON95 price at RM1.99 to protect the majority. He said disruptions and risks to international trade routes due to conflicts in […]

Oil Prices Rise 8 Pct After Trump Announces Blockade Of Strait Of Hormuz

MOSCOW, April 13 - Global oil prices jumped 8 per cent after US President Donald Trump announced a blockade of the Strait of Hormuz, with Brent crude exceeding US$102 per barrel, according to trading data, reported Sputnik/RIA Novosti. As of 22:01 GMT Sunday, June Brent crude futures were trading up 7.76 per cent from the previous close at US$102.59 per barrel, while May WTI futures were up 8.2 per cent at US$104.51. On Saturday, Iran and the US began talks in Islamabad after Trump announced an agreement with Tehran on a two-week ceasefire on Wednesday night. On Sunday morning, the head of the US delegation, Vice President J.D. Vance, announced that Iran and the US had failed to reach an agreement during protracted negotiations and that the US delegation would return home without a deal. On Sunday, Trump announced that the US would begin a blockade of all vessels attempting to enter and exit the Strait of Hormuz. He also instructed the US Navy to track and intercept all vessels that paid Iran to pass through the strait. US Central Command pledged to begin a blockade of "all maritime traffic entering and exiting Iranian ports" at 14:00 GMT on April 13. --BERNAMA-SPUTNIK/RIA NOVOSTI

MOSCOW, April 13 – Global oil prices jumped 8 per cent after US President Donald Trump announced a blockade of the Strait of Hormuz, with Brent crude exceeding US$102 per barrel, according to trading data, reported Sputnik/RIA Novosti. As of 22:01 GMT Sunday, June Brent crude futures were trading up 7.76 per cent from the […]

Oil Prices Jump As Trump Ramps Up Threats Against Iran

NEW YORK/LONDON, April 6 -- Oil prices rose at the start of the week after US President Donald Trump threatened further military action against Iran, heightening fears of supply disruptions, reported German news agency dpa. Brent crude for delivery in June climbed above US$111 a barrel, nearly US$40 higher than before the outbreak of the conflict. US West Texas Intermediate (WTI) crude also gained. Trump warned Tehran of severe consequences if it failed to comply with US demands by Tuesday 8 pm (0000 GMT Wednesday). The ultimatum, tied to reopening the Strait of Hormuz, appears to have been extended for a third time, though Washington has intensified its rhetoric. Trump told the Wall Street Journal that "if they don't do something by Tuesday evening, they won't have any power plants and they won't have any bridges standing." In a post on his Truth Social platform, Trump said: "Open the Fuckin' Strait, you crazy bastards, or you'll be living in Hell - JUST WATCH!" Meanwhile, eight countries forming the core of the OPEC+ group of oil producers said they were deeply concerned about Iranian attacks on energy infrastructure, warning that repairs to damaged facilities would be costly and time-consuming, undermining supply security. They also highlighted the "critical importance of safeguarding international maritime routes to ensure the uninterrupted flow of energy" - a reference to the Strait of Hormuz, which Iran has effectively blocked in reaction to US-Israeli attacks. At the same time, the group — including countries heavily exposed to the conflict such as Saudi Arabia, Kuwait, Oman and the United Arab Emirates — said they would modestly increase output. Daily production is set to rise by 206,000 barrels in May, they said. --BERNAMA-dpa

NEW YORK/LONDON, April 6 — Oil prices rose at the start of the week after US President Donald Trump threatened further military action against Iran, heightening fears of supply disruptions, reported German news agency dpa. Brent crude for delivery in June climbed above US$111 a barrel, nearly US$40 higher than before the outbreak of the […]

Diesel price hike puts pressure on tour bus industry – MATA

KUALA LUMPUR: The increase in diesel prices by 80 sen per litre is considered to be putting critical pressure on the tour bus industry and has the potential to affect the momentum of the country’s preparations for Visit Malaysia Year (VMY) 2026. The Malaysian Association of Travel Agencies (MATA) in a statement today informed that the […]