PUBLISHED ONMarch 07, 2026 6:32 AMBYSean LerThe Malaysian government will try to keep prices, including Ron95, under control amid the ongoing conflict in the Middle East, said Prime Minister Anwar Ibrahim on Friday (March 6).
Anwar, who is also Malaysia's Finance Minister, was speaking to the media after performing Friday prayers at IOI City Mall's prayer space in Putrajaya.
He urged Malaysians to practice prudence in spending and to keep themselves updated of the latest developments in the Middle East.
"In the current situation, it appears to be under control, but we know that more than 200 oil and gas vessels are stuck in the Strait of Hormuz," said the prime minister, adding that the public and private sector should not treat the ongoing conflict lightly.
"This will certainly affect businesses, as well as transportation costs because longer routes have to be used," Anwar added.
He assured Malaysians that his government will try to keep prices under control: "So far, as I announced, we will try to keep prices under control, including Ron95 at RM1.99 per litre (S$0.64).
"For now, we can still hold out, but the early signs are not very good or reassuring," Anwar cautioned.
The Strait of Hormuz is a strait between the Persian Gulf and the Gulf of Oman. It provides the only sea passage from the Persian Gulf to the open ocean and is considered to be one of the world's most strategically important choke points.
On March 2, an Iranian Revolutionary Guards senior official said that the Strait is closed, adding that Iran will fire on any ship trying to pass.
Expectations for a growing shortage sparked a sharp rally in fuel oil markets this week, especially for high-sulphur fuel oil which typically comes from the Middle East.
Volumes of fuel oil exports transiting the Strait of Hormuz and bound for Asia typically average 1.2 million metric tons per month, or about 246,000 barrels per day, Kpler data showed, with about 70 per cent ending up in Southeast Asia.
Overall fuel oil exports via the Strait of Hormuz usually total about 3.7 million tons per month, the data showed.
Tanker transits are now about 90 per cent lower than last week, Kpler's analysis of vessel activity showed.
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