PETALING JAYA: The prices of all goods may see a rise soon due to oil price spike if Iran goes through with its plan to close off the Strait of Hormuz, says Federation of Malaysian Consumers Associations (Fomca).
Fomca secretary-general Dr Saravanan Thambirajah said the closure of the strait, a critical global shipping route for around 20% of oil and 30% of liquefied natural gas in the world, would cause a massive ripple effect on fuel prices globally, including Malaysia.
