KUALA LUMPUR – Prime Minister Datuk Seri Anwar Ibrahim assured that RON95 petrol prices remain under control for now despite escalating conflict in the Middle East, but warned Malaysians to brace for possible economic fallout.
“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,” he said.
Anwar, who is also Finance Minister, stressed that the government is monitoring developments closely.
“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.
He urged Malaysians to remain vigilant and prudent in spending, warning that the conflict could trigger wider economic repercussions.
“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 called on local media to step up coverage of the conflict to ensure the public is informed and prepared.
“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 Strait of Hormuz — a 55-kilometre-wide waterway between Iran and Oman — is one of the world’s most critical shipping routes for oil and gas. – March 6, 2026