Ministerial Warning Issued over High Probability of Fuel Prices Rising for 2nd Time

Consumers face the “strong possibility” of further hikes in fuel prices due to ongoing instability in the Middle East, the Minister of Commerce has warned.

Speaking at a press conference on Thursday, 16 April, Michael Sik Yuen confirmed that the geopolitical situation is exerting significant upward pressure on costs.

Crucially, the Minister ruled out any potential relief for motorists, stating explicitly that there will be no reduction in fuel taxes at this time.

Despite the pessimistic outlook on pricing, Mr Sik Yuen moved to reassure the public regarding the nation’s energy security.

He maintained that current fuel stocks remain under control, with several weeks of reserves available for petrol, diesel, and gas.

Key Highlights

• Price Outlook: High probability of imminent increases.
• Taxation: No government intervention to reduce taxes.
• Stock Levels: National reserves are stable for several weeks.

Food Price Protections

Beyond the energy sector, the Minister addressed rising concerns over the cost of living.

He revealed that a new list of food products is currently in preparation to be included under the Maximum Mark-Up scheme.

This measure is designed to better protect consumers from excessive price increases on essential goods.

The expansion of this regulatory framework aims to provide a safety net as global market volatility continues to impact local domestic prices.

Source: Defi Media