Anwar urges caution in spending, business deals as Mideast crisis worsens

2026-03-06 - 08:23

Prime Minister Anwar Ibrahim said the government can maintain the price of RON95 for the next one to two months, but warned that the Middle East conflict could push prices up. (Bernama pic) PUTRAJAYA: Prime Minister Anwar Ibrahim has urged Malaysians to exercise caution in their spending and business dealings, as the ongoing Middle East conflict threatens further trade disruptions. Speaking to reporters after Friday prayers here, Anwar said the government is actively monitoring the situation. “As I announced previously, we will try to maintain the (price of) RON95 at RM1.99 (per litre). We can manage for the next one to two months, but early signs are not encouraging. “I urge the public, civil servants, workers and traders to exercise caution and not take this matter lightly because, as we can see from the prolonged activity (in the Middle East), this could become a bigger economic crisis than previously expected. “I do not want (Malaysians) to be complacent or wasteful in their spending,” he said. Anwar noted that more than 200 ships had been denied passage through the Strait of Hormuz, which he said would disrupt trade and push up prices. “The government will take immediate steps, as we cannot avoid the economic impact if this situation persists. The costs of goods, imports and food will rise,” he said. Last Saturday, Iran issued a warning against ships crossing the strait, after the US and Israel launched attacks on the nation. The narrow strait is the world’s most vital oil export route, connecting the biggest Gulf oil producers, such as Saudi Arabia, Iran, Iraq and the United Arab Emirates, with the Gulf of Oman and the Arabian Sea. On Tuesday, economy minister Akmal Nasrullah Nasir said the government will keep the price of subsidised RON95 petrol at RM1.99 per litre. He said the Middle East conflict did not present strong indicators for the government to make drastic changes to its existing policies.