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As conflict in the Middle East rattles global oil markets, Prime Minister Datuk Seri Anwar Ibrahim has pledged to protect Malaysians at the pump — promising the government will do everything it can to keep RON95 petrol at RM1.99 per litre.
Speaking to reporters after a breaking-of-fast event with community leaders at Seri Perdana Complex in Putrajaya on Sunday (1 March), Anwar — who also serves as Finance Minister — said the government is committed to defending the current price under the Budi MADANI RON95 (BUDI95) subsidy programme.
Insya-Allah, for Malaysians I will try to ensure there is no price increase. We will hold on as long as possible.
But he was candid about the limits of that promise:
The market is uncontrollable… if the situation goes beyond our control, we cannot guarantee (that prices won’t rise).
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Government Absorbs the Shock, For Now
The concern is real and immediate.
The US-Israeli military strikes on Iran on February 28 have raised fears of a Strait of Hormuz blockade — a critical chokepoint through which a significant share of the world’s oil supply passes.
The numbers tell the story:
| Commodity | Price | Change | % Change |
|---|---|---|---|
| WTI Crude Oil | USD $71.91/barrel | ▲ +4.89 | +7.30% |
| Brent Crude Oil | USD $78.42/barrel | ▲ +5.55 | +7.62% |
| Murban Crude | USD $81.53/barrel | ▲ +7.29 | +9.82% |
| Natural Gas | USD $2.897 | ▲ +0.038 | +1.33% |
Energy research firm Rystad Energy has warned that Brent crude could spike by an additional USD 20 per barrel (RM78) on Monday (2 March), unless clear signs of de-escalation emerge over the weekend.
For everyday Malaysians, the message from Putrajaya is: prices will hold — for now.
The government is absorbing the pressure so consumers don’t have to, but Anwar’s own words signal this is a situation being watched hour by hour.
While Malaysia is a significant oil producer, it imports a substantial amount of cheaper refined oil to meet domestic demand.
Anwar on Khamenei’s Killing
Separately, Anwar issued a strong statement condemning the assassination of Iranian Supreme Leader Ayatollah Ali Khamenei, who was killed in the joint US-Israeli airstrike on 28 February.
I unreservedly condemn the killing of Iranian Supreme Leader Ali Khamenei. This act places the Middle East on the edge of grave and sustained instability.
He extended condolences to the Islamic Republic of Iran and warned that the deliberate targeting of a head of state sets a dangerous precedent — one that weakens the norms underpinning the international order.
At the same time, Anwar urged Iranian authorities to respond with utmost restraint, aligning Malaysia with calls from other nations to step back from further escalation.
On the safety of Malaysians in the region, he was direct:
To all Malaysians in the affected region, your Government is taking every possible measure to ensure your protection. Our Missions have been given the full mandate and resources to assist you.
READ MORE: Federal Territories Mufti’s Declaration Of Iran’s Supreme Leader As Martyr Triggers Public Backlash
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