SEPANG, March 6 (Bernama) -- Prime Minister Datuk Seri Anwar Ibrahim said the price of RON95 petrol remains under control for now despite the conflict in the Middle East and that the government will continue to monitor the situation in the region.
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 transportation costs because longer routes have to be used.
“So far, as I announced, we will try to keep prices under control, including RON95 at RM1.99 (per litre). For now, we can still hold out, but the 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 because 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 the latest information and is prepared for any economic implications.
He said the media now appear to be giving less attention compared with the coverage by neighbouring countries and other nations.
"So I do not want a sense of complacency, uncontrolled spending, or wasteful and extravagant practices. Please start being cautious from now. Let’s not wait until we hit a wall before looking for a pillow,” he said.
The 55-kilometre-wide Strait of Hormuz between Iran and Oman is one of the main shipping routes for the global oil and gas industry.
-- BERNAMA
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