KUCHING: The supply of cooking oil and other essential goods in the country remains sufficient despite growing concerns over global market stability following the conflict in West Asia.
Deputy Minister of Domestic Trade and Cost of Living, Senator Datuk Dr Fuziah Salleh, said the government has taken precautionary measures to ensure prices remain stable and do not rise sharply due to geopolitical tensions.
She warned that action would be taken under the Price Control and Anti-Profiteering Act 2011 if traders impose unreasonable price increases.
“Although transportation costs have increased, it does not mean prices can be raised arbitrarily,” she said when met by reporters during a compliance inspection on the ban of selling one-kilogramme packet cooking oil to non-citizens at Emart Matang today.
Fuziah added that the ministry has not received any complaints so far regarding unusual price hikes.
“In fact, wholesalers and retailers reportedly have sufficient stock to last for about two months. We will continue to monitor the situation to ensure consumers are not burdened,” she said.
Tensions in West Asia have escalated since February 28 when Israel and the United States launched attacks on Iran, which subsequently triggered retaliatory strikes by Tehran against US interests in the Gulf region.
The developments have sparked concerns over the stability of global trade routes, particularly the Strait of Hormuz, a narrow passage between Iran and Oman that is among the world’s most vital shipping routes for oil and gas.
A significant portion of the world’s energy supply passes through the strait daily, meaning any geopolitical tension in the area could potentially affect energy markets, logistics costs and the global economy.
