KUALA LUMPUR, Sept. 18 (Xinhua) -- Managing economic risks from prolonged geopolitical tensions and disruptions to critical commodities, especially oil and gas products, is at the top of the government's priorities, Malaysia's Economy Minister Akmal Nasrullah Mohd Nasir said on Friday.

The renewed conflict in the Middle East, especially over the Strait of Hormuz and the Bab al-Mandab Strait, and disruptions to Saudi Arabia's energy infrastructure continue to put pressure on the smooth flow of global oil exports, shipping, and energy supply, Akmal said in a televised address.

"The government's priority is to ensure that domestic supply chains continue to function, essential supplies remain sufficient, and global cost pressures do not excessively affect the people's well-being or the continuity of economic activities," he said.

"Under these circumstances, the government will continue to guarantee fuel supply through December 2026 via three approaches: diversifying import sources, optimizing domestic fuel production, and strengthening long-term supply agreements," he said.

Among the diversification measures are sourcing energy from Latin America and Africa and strengthening energy cooperation with Thailand through the signing of a new production-sharing contract and gas sales agreement for a gas field block in the Malaysia-Thailand joint development area, he said.

Akmal also said the government is expanding electricity bill relief for domestic consumers using up to 800 kilowatt-hours per month -- up from 600 kilowatt-hours previously -- to help consumers who are facing rising living costs even as the price of generating power from coal is increasing.

"We must acknowledge that global supply chain disruptions can elevate operating costs, strain businesses, and impact market confidence. However, this situation also opens avenues for us to strengthen national capacity, diversify supply sources, open new markets, and attract high-quality investments," he said.