Economy minister Akmal Nasrullah Nasir said the crisis is affecting not just fuel supplies but also the availability of key medical inputs due to disruptions in global production and logistics.
“Disruptions to the global chain can cause shortages of critical raw materials, such as active pharmaceutical ingredients, petroleum and ethylene oxide gas, therefore increasing manufacturing and shipping costs,” he said in a televised briefing on the global energy crisis.
As part of short-term measures, the government will centrally monitor medicine stock levels and diversify import sources to reduce reliance on any single supplier.
Certain medicines may also be designated as controlled goods if necessary.
For the longer term, Akmal said the government plans to establish a strategic national stockpile and strengthen the local pharmaceutical industries to improve supply resilience.
The health ministry previously said medicine supplies remain stable, with government facilities maintaining one to three months of stock, supported by buffer reserves held by private concessionaire companies supplying medicines through logistics agreements.
Akmal also said Bank Negara Malaysia will provide support to companies affected by fuel shortages, while the government will leverage data to better identify, detect and respond to pressures on sectors most affected by the conflict.
While the supply of essentials is expected to remain stable through April and May, Akmal said that ensuring a sufficient energy supply from June onwards will be the biggest challenge.
“This crisis is expected to have an impact on the economy, with recovery seen over a period of six months to one year,” he said.
Earlier today, Prime Minister Anwar Ibrahim said Malaysia is not expected to face an oil supply shortage in the near term despite price volatility following the Iran conflict, which has pushed up crude oil prices amid concerns over the Strait of Hormuz.
He previously said the country has enough RON95 petrol to maintain the subsidised price of RM1.99 per litre, at least until May.
Putrajaya, however, has raised the price of diesel in West Malaysia, RON97 and non-subsidised RON95 significantly in the weeks since the conflict broke out.