By Olivia Miwil
KOTA KINABALU: The government will continue to take the necessary steps to ensure the country's economic stability and protect the welfare of the people amid geopolitical uncertainties.
Minister in the Prime Minister's Department Datuk Mustapha Sakmud said facing global challenges required both the government and the people to move forward together as one team in a sovereign Malaysia.
The Sepanggar member of parliament said the world was currently facing geopolitical uncertainty following tensions involving Iran in the Middle East, which were affecting the global energy market.
He added that while Malaysia might benefit from rising oil prices, increased costs across the energy supply chain as well as the burden of fuel subsidies could also rise and place pressure on the national economy.
"The actual market price of RON95 without subsidy is estimated to be around RM2.67 per litre, but the government absorbs the difference to prevent the public from being burdened.
"In reality, the government is currently bearing about RM3.2 billion every month for petrol and diesel subsidies, which includes approximately RM2 billion for RON95 and RM1.2 billion for diesel.
"This demonstrates the government's strong commitment to protecting the people from global economic shocks," he said at an buka puasa event with the media here.
In Sabah and Sarawak, he said the Madani government was also maintaining diesel subsidies to ensure that transportation, logistics and daily living costs for the people in both regions did not increase drastically.
"This measure is important in safeguarding the well-being of the people, particularly in areas that depend on land and sea transportation for the supply of goods.
"In this regard, the public must also understand the current economic realities and use subsidies more responsibly. In a time of global uncertainty, we must remain calm, avoid being influenced by speculation, and continue to stay united as Malaysians."
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