Anwar, who is also the finance minister, said Malaysia would be affected by the increase in global oil prices following disruptions to the crucial Strait of Hormuz shipping route, but the government was determined to maintain the subsidised price of RON95 under the Budi95 programme.

“We will give the maximum effort to hold off (on raising prices). But the market is beyond our control, and we cannot guarantee there won’t be any price increase,” he told reporters after a breaking of fast event with local community leaders.

The global price of oil is expected to soar on Monday despite a pledge by major oil-producing nations to increase production. US crude oil is on track to rise by 9% when trading resumes, according to data from the broker IG, The Guardian reported in London. The jump comes despite Opec+ agreeing to step up output to counter the impact of the conflict.

Global markets turned cautious on Sunday following the rise in geopolitical risks after the joint US-Israel military action against Iran.

Research and energy intelligence firm Rystad Energy said Brent crude oil is expected to surge by as much as US$20 per barrel when trade opens on Monday.