KUALA LUMPUR, July 13 — Malaysia’s fuel supply remains stable and adequate despite fresh strikes from the United States (US) on Iran renewing concerns of shipping disruptions across the Strait of Hormuz, Economy Minister Akmal Nasir Nasrullah said today.

Akmal Nasir said the government is working to ensure sufficient fuel supply until December by diversifying import sources, optimising local fuel production and strengthening long-term energy cooperation agreements.

“The average price of liquified natural gas (LNG) rose by 7.9 per cent — from US$16.05 (RM65.38) to US$ 17.31 during the same period (July 6 to July 10)

“This hike was triggered by the global market’s move to replenish their used reserves,” he said during an online briefing after the National Economic Action Council (MTEN) meeting on Monday. 

Akmal Nasir also noted a slight surge in the electricity demands in the Peninsular, which climbed by 2.5 per cent last week compared to the previous week, but said the demand is still within the country’s power reserve margin. 

To further insulate Malaysia from energy shocks, Akmal Nasir said the government will continue negotiating a free trade deal between Malaysia and the European Union (EU), strengthen circular economy and consider suggestions to implement the Extended Producer Responsibility (EPR) on a voluntary basis.