SEPANG, March 6 — Prime Minister Datuk Seri Anwar Ibrahim said RON95 prices are under control despite the conflict in the Middle East, adding that the government will continue to monitor the situation.
Anwar, who is also finance minister, however, urged all segments of society to practise prudence in spending and to keep abreast of the latest developments in the conflict-hit region.
“In the current situation, it appears to still be under control, but we know that more than 200 oil and gas vessels are stuck in the Strait of Hormuz. This will certainly affect business, as well as transport costs as longer routes have to be used.
“As I announced, we will try to keep prices under control, including (subsidised) RON95 at RM1.99 (per litre). For now, we can still hold out, but early signs are not very good or reassuring,” he told reporters after performing Friday prayers with about 1,000 congregants at Musolla IOI City Mall here today.
Anwar also urged Malaysians not to take the conflict lightly as it could also have an impact on the country’s economy.
“I suggest that all members of society — the public, civil servants, workers and traders — remain vigilant about this matter. Do not take it lightly as it could become a bigger economic crisis than expected.
“The government will take immediate measures because the economic impact, if this situation continues, is unavoidable. The cost of goods, import costs for small and medium enterprises and food imports in general will increase,” he said.
Anwar also expressed hope that local media would play their role in reporting developments related to the conflict to ensure the public receives updates and is prepared for any economic implications.
He said local media appears to be giving less attention to the issue than other nations.
“I do not want a sense of complacency, uncontrolled spending, or wasteful and extravagant practices. Please start being cautious from now on. Let’s not wait until we hit a wall before looking for a pillow,” he said.
The 55km-wide Strait of Hormuz between Iran and Oman is one of the main shipping routes for the global oil and gas industry.
