Opposition leader Hamzah Zainudin has called on the government to inform Parliament of its plan to manage surging fuel prices resulting from the ongoing conflict in the Middle East.
The Larut member of parliament stated that the recent hike in diesel prices would trigger a chain effect, particularly affecting transportation costs, which would subsequently drive up the price of goods for consumers.
Impact of global oil spikes on local economy
Hamzah noted that while the public is aware of the spike in global oil prices due to the Middle East war, the specific impact on Malaysians must be addressed within the Dewan Rakyat. He emphasized the necessity for the government to establish a clear, comprehensive, and effective mitigation strategy.
In a statement, he urged the government to table this plan immediately in Parliament so that the public can better prepare for the economic consequences of the prolonged Gulf conflict.
Significant surge in diesel prices
The finance ministry announced yesterday that the price of diesel in West Malaysia would increase by 80 sen starting today, rising from RM3.92 to RM4.72 per litre. This adjustment was attributed to the rise in global oil prices linked to the Middle East hostilities.
This latest increase follows another 80 sen hike recorded on March 12, when the price rose from RM3.12 to RM3.92. Collectively, the jump from RM3.12 to RM4.72 represents a sharp 51 percent spike within a short period.
Global market dependence
The ministry clarified that although Malaysia is an oil-producing nation, petroleum products intended for domestic consumption are still procured through the global market. This leaves the domestic retail price vulnerable to international fluctuations caused by geopolitical instability.
Hamzah maintained that the transparency of the government’s response is vital to ensuring that the nation can withstand the inflationary pressures resulting from these external shocks.
