11 hours ago
- Business
- New Straits Times
No fuel price hike despite global oil surge, says Anwar
ISKANDAR PUTERI: Prime Minister Datuk Seri Anwar Ibrahim said the government will maintain current fuel prices, despite a global surge driven by Iran-Israel tensions.
Speaking here after attending the Organisational Strengthening Seminar and Meeting with the Keadilan President, he said the move is intended to reduce the impact on the public and the national economy.
"Oil prices fluctuate. Right now, global prices are somewhat low, but when they rise, they do so sharply. However, the government is not raising fuel prices because of its impact on the people," he said.
Earlier, media reports suggested global oil prices could hit US$130 (RM610) per barrel if Iran closes the Strait of Hormuz, according to Sputnik and RIA Novosti citing Turkiye's Hurriyet.
Iran's parliamentary National Security and Foreign Policy Committee member Esmail Kowsari reportedly said Tehran is considering closing the strait in response to Israeli attacks.
The Strait handles 20 per cent of global oil shipments and 80 per cent of Iran, Saudi Arabia and UAE's oil and LNG trade.
The report added that the outcome of the Iran-Israel conflict on the economy would depend on the duration and intensity of the escalation.
