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Kuala Lumpur, May 26, 2026 – Malaysia’s economy continues to face significant headwinds from the ongoing global energy crisis, with elevated oil and gas prices and geopolitical instability in the Strait of Hormuz putting pressure on businesses, households, and key sectors.
Economy Minister Akmal Nasrullah Mohd Nasir stated that the government is closely monitoring the volatile global energy market while rolling out mitigation measures to protect the rakyat and support economic stability.
Surging Energy Prices
Brent crude oil averaged US$111.67 per barrel in the week of May 18–22, rising 1.7% from the previous week. Meanwhile, LNG prices surged 6.7% to US$19.06 per MMBtu, driven by regional supply concerns.
“High oil prices are increasing transportation and consumer costs across the board,” said Minister Akmal, highlighting the persistent volatility caused by geopolitical risks.
Mixed Sectoral Impact
Despite the challenges, several areas show resilience:
- Agriculture: The sector expanded by 2.6% in Q1 2026, contributing RM24.4 billion to GDP, supported by strong palm oil and livestock performance.
- Logistics: Daily cargo handling rose 8.3% to 848,900 freight weight tonnes, and container handling increased to 93,100 TEUs.
- Electricity Supply: Demand reached 21,319 MW, still within the system’s maximum capacity of 21,469 MW, maintaining adequate reserves.
However, the aviation sector has been hit hard, with daily aircraft movements dropping 31.5% to 2,464 flights due to route cancellations in West Asia. International air cargo handling also fell by 14.3%.
Labour Market and Inflation Pressure
The labour market showed signs of strain, with 7,057 workers losing jobs in April — a 21% increase from March. The government has assured swift assistance through the Employment Insurance System (SIP) and PERKESO’s Lindung Kerjaya programme.
On the inflation front, domestic food prices remained relatively stable. Chicken averaged RM9.57/kg, beef dropped to RM38.45/kg, though certain vegetables like mustard greens rose 3.6% to RM7.08/kg.
Stock Market Reaction
Investor caution was evident as the FBM KLCI fell 1.58% (27.55 points) to close at 1,712.67 on May 22.
Government Mitigation Measures
To cushion the impact, the government is implementing targeted support including:
- BUDI Agri-Komoditi cash assistance
- Bulk fertiliser procurement
- Logistics subsidies
- Promotion of organic fertilisers
PETRONAS has also assured sufficient oil supply until July 2026.
Minister Akmal emphasised that protecting jobs, controlling inflation, and ensuring the supply of essential goods remain top priorities as Malaysia navigates this challenging period.
