WEST ASIA CONFLICT: STABLE SUPPLY OF ESSENTIAL GOODS; AVOID PANIC BUYING

By MOHD FHARKHAN ABDUL GHAPAR

KUALA LUMPUR, March 13 (Bernama) -- 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.

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Federation of Malaysian Consumer Associations (FOMCA) chief executive officer Dr T. Saravanan said that although the West Asia conflict has the potential to affect global oil prices and supply chains, its impact on local consumers usually occurs gradually and not immediately.

“At this stage, we have not seen any major price increases directly linked to the conflict. KPDN (Ministry of Domestic Trade and Cost of Living) 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 said that the assurance of oil supplies in Malaysia remains under control, with the subsidised price of RON95 fuel under the Budi MADANI RON95 (BUDI95) initiative maintained at RM1.99 per litre, despite market prices being much higher.

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, the Prime Minister 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.

Elaborating further, Saravanan hopes the government is prepared to face the possibility or 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 global uncertainty, he said that at the consumer level, it is encouraged to plan spending more carefully by prioritising basic needs to avoid financial pressure.

“At this stage, consumers do not need to panic as supplies and prices are still stable. However, consumers are advised to continue shopping wisely, avoid panic buying, 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.

Meanwhile, Wadah Pencerdasan Umat Malaysia (WADAH) secretary-general  Azizuddin Ahmad said that the initial and strategic measures to control the country's economic situation, as announced by the Prime Minister, are deemed appropriate for the current circumstances.

"It shows the government's high level of readiness and concern in ensuring the country's economy remains preserved," he said.

Azizuddin said that monitoring measures and efforts to tighten the control of the prices of basic necessities are important to alleviate the people’s burden of the cost of living due to the impact of the international conflict.

"The government's commitment through KPDN to take stricter action against any efforts to smuggle and hoard essential goods for profit is also a preventive step that needs to be supported.

"WADAH is confident and believes that the announced preventive measures can serve as a strong initial barrier in facing the possibility of a global economic recession," he added.

At the same time, WADAH hopes that the government will continue to communicate transparently with all stakeholders to ensure that any policy implementation can run smoothly and provide optimal benefits to everyone.

-- BERNAMA