SHAH ALAM, June 29 — The ongoing uncertainty over global energy prices and supply will continue to put pressure on markets over the next one to two years, said Economy Minister Akmal Nasrullah Mohd Nasir.
Conditions are expected to stabilise gradually starting in the third quarter of this year.
He said the recovery from the global supply crisis would take time, even though crude oil prices had moderated from previous highs.
“The impact on logistics costs, refined fuel supplies, agricultural inputs, and the prices of goods would not ease immediately.
“However, we will not wait until conditions have fully recovered. We will continue monitoring, and intervention measures will be activated throughout the recovery period to reduce pressure on the people, micro, small and medium enterprises, and industries,” Akmal said during the special briefing on the global energy supply in the Dewan Rakyat today.
He added that the government is taking advantage of the current situation to strengthen Malaysia’s long-term economic resilience under the 13th Malaysia Plan (13MP).
Its priorities include raising productivity, expanding high-value industries, strengthening food security, accelerating the energy transition, advancing digitalisation, and developing talent.
On food security, the country’s rice supply, including buffer stocks, remains sufficient for five to six months, while supplies of essential food items, including chicken, eggs, fish, milk, and fruits, are adequate for at least one month.
The 13MP will focus on reinforcing domestic supply chains, expanding the country’s agri-food capacity, diversifying import sources, and reducing reliance on critical imported inputs.
Meanwhile, Akmal said fertiliser prices in Malaysia are expected to increase by 15 to 20 per cent due to global supply disruptions caused by the conflict in West Asia, which could raise production costs and put pressure on the country's food prices.
This projection was based on current assessments, as Malaysia still imports 63 per cent of its fertiliser requirements.
Livestock feed costs are also expected to increase by about eight per cent, driven by higher logistics costs and agricultural input prices.
To minimise the impact, the government has introduced several intervention measures, including strengthening strategic cooperation with countries such as Australia to ensure a stable supply of fertiliser.
On job security, the risk of mass-scale job losses due to the global energy supply crunch remains low.
According to reports, he said rising prices and slower export demand could put pressure on business operations, but they have yet to have a significant impact on the current employment rate.
As of May this year, the unemployment rate rose by three per cent, an increase of one percentage point from 2.9 per cent in April 2026.
