KUALA LUMPUR, March 13 — The domestic economy and supply of essential goods in the country remain very stable and are not facing any significant impact following the escalating conflict in West Asia.
In relation to this, consumers and the public are advised to remain calm and not enter into panic buying but instead manage their spending more prudently and reduce wastage.
Federation of Malaysian Consumer Associations (FOMCA) chief executive officer Saravanan Thambirajah said that although the conflict has the potential to affect global oil prices and supply chains, its impact on local consumers is usually gradual and not immediate.
“At this stage, we have not seen any major price increases directly linked to the conflict. The Domestic Trade and Cost of Living Ministry (KPDN)) has been doing a good job in maintaining market stability by closely monitoring prices and taking the necessary interventions to ensure essential goods remain available and reasonably priced.
“Nevertheless, we must remain cautious. The ongoing war has started to push crude oil prices higher, and if the conflict continues or becomes prolonged, the impact could eventually be felt through higher transportation and logistics costs, which may then affect the prices of goods,” he said to Bernama.
In a special press conference on Wednesday related to the West Asia conflict, Prime Minister Datuk Seri Anwar Ibrahim assured that oil supply in Malaysia remains under control, and that the subsidised price of RON95 fuel will be maintained at RM1.99 per litre.
He said the government will continue to monitor developments in West Asia and plan measures to ensure the interests of the people and the country are continuously safeguarded.
To prevent oil leakage and smuggling, Anwar said his deputy Datuk Seri Fadillah Yusof and KPDN have been tasked with ensuring more meticulous monitoring and stricter actions against those who try to take advantage.
Saravanan hopes the government is prepared to face the potential increase in the cost of living, with proactive measures and swift interventions to ensure an adequate supply chain.
Although the country has not yet fully felt the impact of the war, he encouraged consumers to plan spending more carefully by prioritising basic needs to avoid financial pressures.
“At this stage, consumers do not need to panic as supplies and prices are still stable. However, consumers are advised to continue shopping wisely and always be alert to price changes.
“If there is an unreasonable price increase, consumers should report it to the relevant authorities so that appropriate action can be taken and to prevent irresponsible parties from taking advantage and manipulating prices," he said.
