Commodities
Market Chatter: Malaysia's Petrol Supply to Remain Stable Until July, Says PM
Malaysia's petrol supplies should remain stable until July, according to the country's Prime Minister Anwar Ibrahim, as global disruptions continue to mount, leading to supply constraints and rising prices, New Strait Times reported on Tuesday.Ibrahim credited the country's international relations, along with access to key shipping routes, that have allowed it to tide over the crisis, while speaking at the Madani Korban Cattle Distribution Ceremony in Seberang Jaya on Tuesday.He emphasized the importance of maintaining strong international diplomatic relationships for domestic energy security as Malaysia is one of the few countries allowed through the Strait of Hormuz.He, however, acknowledged the rising global shipping costs, with tensions in the Strait of Hormuz affecting insurance and freight costs, which were weighing on energy prices in the country.While highlighting the several subsidies and targeted assistance programs unveiled by the government to deal with this crisis, Anwar urged Malaysians to remain resilient and grounded in shared responsibility.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)