Malaysians Should Be Prudent In Fuel Use To Stretch Energy Buffer Beyond June

KUALA LUMPUR, April 21 (Bernama) -- Malaysians are urged to be prudent in fuel consumption, to stretch the country’s energy buffer beyond June as global uncertainties are expected to persist, said Deputy Finance Minister Liew Chin Tong.

He said the country remains in a relatively comfortable position for now, but early conservation is necessary to ensure supply stability in the months ahead.  

“Our supplies are comfortable, at least until June. But if possible, we need to be prudent in our usage so that our supply can last longer, possibly into July or August,” he told reporters after the Securities Commission-ASEAN+3 Macroeconomic Research Office (AMRO) Regional Economic Outlook Seminar: ASEAN at a Crossroads here today.

Liew said the evolving global environment requires Malaysia not only to manage near-term resources but also to strengthen its economic fundamentals, particularly in addressing vulnerabilities within supply chains.  

He emphasised the need to identify gaps in critical sectors and close them through more innovative and coordinated approaches to enhance resilience.  

At the same time, Liew noted that the shifting global order towards a more multipolar landscape underscores the importance of regional cooperation, especially through ASEAN, to strengthen collective influence.  

“Malaysia is not a big country. It is important for us to operate within ASEAN so that we can speak with a stronger, collective voice,” he said.  

Liew added that current challenges should be viewed as an opportunity to build stronger economic resilience, including through energy transition efforts and deeper regional integration.  

Looking back on Malaysia’s experience, the deputy minister cited the establishment of Petronas as a key example of how the country had successfully navigated past crises.

He said the national oil company was formed in response to the 1974 global oil crisis, a move that has since strengthened Malaysia’s energy position and contributed significantly to its economic development.

“Today, we are in a more comfortable position in terms of oil, and that is something we should not take for granted,” he said, adding that the country owes much to the strategic decisions made during that period.

He added that the experience demonstrates how crises can be turned into long-term advantages through timely and strategic policy responses.

-- BERNAMA