PETALING JAYA: Malaysia’s fuel subsidy bill has surged more than fourfold in under a week due to a sharp spike in global oil prices triggered by disruptions in the Middle East shipping route, says the Prime Minister. The disruption in the Strait of Hormuz, through which 20% of the world’s oil supply ­passes, has tightened global supply. “Within less than a week, global oil prices surged from around US$70 (RM275) to nearly US$120 (RM472) per barrel,” he said. Despite being an oil-producing country, Malaysia remains dependent on imports, with nearly half of its supply coming through the affected route. “In these challenging times, Malaysia has chosen to absorb part of the global cost pressures to protect the rakyat,” he said.

Source: The Star March 23, 2026 00:54 UTC