“Petroleum dealers’ costs will also increase since we have to buy at that new higher subsidised price,” he said. Universiti Malaya’s Social Wellbeing Research Centre director Emeritus Prof Datuk Norma Mansor said global oil prices could spike toward US$120 per barrel, or even US$150 in extreme scenarios. She noted that Malaysia’s economy will both benefit and suffer if global oil prices increase. “As an energy exporter, higher oil prices will increase government revenue, and contributions from PETRONAS. Centre for Market Education chief executive officer Carmelo Ferlito felt that global oil prices could retreat from the current panic levels if tensions ease.

Source: The Star March 10, 2026 05:14 UTC