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KUALA LUMPUR, MALAYSIA - MALAYSIA plans to set up a national food stockpile to safeguard the country against rising prices and possible shortages, local newspapers said on Thursday.
The plan, outlined to local media on Wednesday, could also see the establishment of a petroleum reserve, even though Malaysia was a net energy exporter, the newspapers added.
'It is possible,' economist Kamal Salih, who is advising the government on the new measures, was quoted as saying in the New Straits Times.
'Advanced countries are already stockpiling petrol, but not us as we are currently a net exporter of oil. However, we will discuss this.'
On food, Malaysia is looking to stockpile essentials such as rice and cooking oil, the dailies said.
'The main focus is to ensure the supply and prices of essential items are stable,' Deputy Prime Minister Najib Razak was quoted as saying. 'We can't promise to reduce prices, but what's important is to keep them stable.'
The government had also set up a National Price Council to decide what foodstuffs or other essential commodities would be stockpiled, local media said. The council, chaired by Prime Minister Abdullah Ahmad Badawi, would meet within a few days.
The government would also intensify anti-smuggling operations to ensure subsidised commodities were not taken out of the country and sold on open markets, state news agency Bernama said.
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