KUALA LUMPUR: Malaysia’s domestic economy and the supply of essential goods remain stable with no significant impact recorded following the escalating conflict in West Asia.
Consumers and the public are advised to remain calm and avoid panic buying and manage their spending prudently to reduce wastage.
Federation of Malaysian Consumer Associations (Fomca) chief executive officer Dr T. Saravanan said that while the conflict could potentially affect global oil prices and supply chains, any local impact would likely occur gradually.
“At this stage, we have not seen any major price increases directly linked to the conflict. The Domestic Trade and Cost of Living Ministry has been maintaining market stability by closely monitoring prices and intervening to ensure essential goods remain available and reasonably priced.
“However, we must remain cautious. The ongoing war has started to push crude oil prices higher. If the conflict is prolonged, the impact could eventually be felt through higher transportation and logistics costs,” he said.
During a special press conference on Wednesday, Prime Minister Datuk Seri Anwar Ibrahim assured that Malaysia’s oil supply remains under control.
He noted that the subsidised price of RON95 fuel under the Budi Madani RON95 (Budi95) initiative is maintained at RM1.99 per litre, despite significantly higher market prices.
Anwar said the government would continue to monitor West Asian developments to safeguard the interests of the people.
To prevent leakage and smuggling, Deputy Prime Minister Datuk Seri Fadillah Yusof and the ministry have been tasked with stricter monitoring and enforcement against those attempting to take advantage of the situation.
Saravanan expressed hope that the government remains prepared for a potential increase in the cost of living through proactive measures to secure the supply chain.
“Consumers do not need to panic. However, they are advised to shop wisely and report any unreasonable price increases to the authorities to prevent price manipulation,” he said.
Wadah Pencerdasan Umat Malaysia (Wadah) secretary-general Azizuddin Ahmad described the government’s strategic measures as appropriate for the current circumstances.
“It shows the government’s high level of readiness and concern in ensuring the economy remains preserved,” he said.
Azizuddin added that tightening price controls on necessities is crucial to alleviate the cost-of-living burden and that the commitment to curb smuggling and hoarding acts as a strong barrier against a potential global economic recession.
© New Straits Times Press (M) Bhd
