Malaysian PM States Petronas Is No Longer an Oil Exporter But an Importer
Jakarta, CNBC Indonesia - Malaysian Prime Minister Anwar Ibrahim has stated that the country’s oil company, Petroliam Nasional Bhd (Petronas), is now an importer of oil and no longer an exporter as it once was.
He made this comment in response to criticisms from various parties questioning why Malaysia is facing fuel shortages despite producing oil through Petronas.
“Petronas is no longer a net exporter; we now have to buy oil,” he said, as reported by the Straits Times at the weekend, cited on Tuesday (7/4/2026).
“Our reserves are sufficient for April and May, I guarantee that. For June, it is still uncertain and we have to wait,” he added.
Anwar, who is also the Finance Minister, said that he now meets almost daily with economists, policy thinkers, and Petronas representatives. This is to monitor developments following the ongoing conflict involving Iran, the United States (US), and Israel.
“In ASEAN, some countries have been forced to implement oil rationing. Some countries have closed 400 petrol stations. In some cases, workers living near the city have had to walk to their offices,” he explained.
“However, here, people are just angry, shouting, and complaining, without realising the problem and taking steps to address it. We are holding daily meetings to find solutions,” he said.
He also urged Malaysians to remain grateful despite facing the global crisis. He promised to make effective planning.
“We are aware of the difficulties faced by the public—schools closed, government offices closed, many working from home—but we are still able to plan and manage calmly and effectively,” he stated again.
“Learn to be grateful. Learn to be resilient in facing difficulties. Many do not understand the bigger picture: why oil shipments through the Strait of Hormuz are allowed, yet the price of goods rises because oil is more expensive,” he stressed.
“Some people might think this doesn’t make sense. But oil prices are not the same everywhere. Insurance alone has increased costs. Shipping costs are also not cheap. All these factors drive up prices. However, we are still holding on,” he added.