THE increase in oil prices in Malaysia is not due to a shortage of fuel supply alone, but rather driven by a surge in various costs, including insurance and transportation, said Datuk Seri Anwar Ibrahim.
The Prime Minister explained that although some developments have eased somewhat, the overall situation remains uncertain.
"As for the route, thank God our good relations with Iran have allowed the Petronas ship to pass, and in a few days it will reach Pengerang, God willing.
"However, it does not end there. The cost of the old oil, which was seized before the war, has become stuck in the Strait of Hormuz and is now being redirected to Pengerang. The cost has increased because the insurance amount has exceeded 100 per cent, and the transportation cost itself has also increased," he said.
He said this when delivering his message at the Ministry of Transport's Monthly Assembly here today.
Anwar stressed that the attitude of some politicians who did not convey the facts regarding the situation and consequences of the West Asian conflict also did not help the country in facing the crisis, but rather confused the people.
"There are commentaries, some are called scholars and so on, who give such views. Some famous scholars have many followers who give their views, for example, by saying, 'Oh, that's not true, oil is not rising, it's only rising in Malaysia.'
"That is a very poor understanding of what is actually happening, and does not help; it is even confusing," he said.
According to him, the current geopolitical situation following the conflict involving Iran, Israel and the United States continues to contribute to market uncertainty, thus affecting world oil prices, which are causing harm to the country.
In this regard, he stressed the need for all parties to understand the real issue and not spread misleading interpretations, but instead help provide accurate explanations to the people about the factors behind the current cost increase and economic pressure.
Despite global headwinds, Anwar said Malaysia’s economic indicators remain encouraging.
Citing recent data from Bank Negara Malaysia, he said growth has exceeded projections, investments are at record highs and inflation remains among the lowest. – April 8, 2026
more to come
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