Akmal said the government was continuing to monitor the uncertainty surrounding the Strait of Hormuz and rising global energy prices.
“Petronas has given its assurance that the country’s oil supply stock is sufficient until the end of July 2026,” he said during a televised briefing on the global supply crisis today.
In April, the national oil company confirmed that fuel supply at its stations nationwide would remain secure until the end of June, extending its earlier projection by a month.
The national oil company supplies about 50% of the country’s fuel demand through its public-listed subsidiary, Petronas Dagangan Bhd, with the balance supplied by other oil firms operating in Malaysia.
Akmal said the average price of crude oil between May 18 and 22 rose 1.7% to US$111.67 per barrel from US$109.85 the previous week.
He said domestic food prices remained generally under control between May 18 and 21, with movements ranging from a 2% decrease to a 3.6% increase.
He added that the government would continue monitoring prices and urged consumers to use the PriceCatcher application to compare prices and make informed purchases.
Job losses rise in April, flights decline
Akmal also said Malaysia recorded 7,057 job losses in April, up from 5,855 in March, although lower than the 10,658 recorded in January.
He said the numbers reflected monthly fluctuations but warned that each job loss meant households affected by a loss of income.
He said the government would ensure that the Social Security Organisation’s Employment Insurance System responds swiftly to assist affected workers.
On aviation, the minister said daily aircraft movements in April fell by 31.5% to 2,464 flights, following cancellations of West Asia routes and ongoing rationalisation efforts by airlines.
He said the decline also reflected broader adjustments in the aviation sector amid higher fuel costs and shifting route demand linked to global supply pressures.
Despite the downturn in air travel, Akmal said essential supply chains remained stable, with the government continuing to monitor potential knock-on effects on logistics and consumer prices.