PETALING JAYA: Cutting back on spending due to a possible rise in petrol prices may not be too difficult, say consumers, many of whom already adjusted their spending during the Covid-19 pandemic and also, when diesel subsidies were cut in 2024.
They said Prime Minister Datuk Seri Anwar Ibrahim’s advice to be thrifty and cautious with spending is timely to avoid being caught off guard.
Anwar recently urged the public to be prudent with their spending, especially during buka puasa and the upcoming Hari Raya Aidilfitri celebrations, amid global economic uncertainty caused by the ongoing conflict in the Middle East.
Freelance writer Shahrul Hafeez Seman, 56, said the effects of inflation have yet to be felt as the chain reaction from rising petrol prices has not occurred.
“Most middle-income families were already cutting back on expenses even before the conflict started, so the advice, while not falling on deaf ears, isn’t something out of the blue.
“I suppose the price hikes will come after Raya once businesses clear their existing stocks. That’s when families will really feel the burden. But as always, we will adapt as best as we can,” said the father of four.
Financial consultant Mohammad Azman Taufiq, 44, said his family has been scaling back on expenses, including Hari Raya spending, since the Covid-19 pandemic.
He said his family would buy only one new outfit per person this year and focus more on preparing festive dishes.
“The pandemic really showed my family what was truly important, that we want to spend time together whenever we can.
“As a family, we buy Hari Raya outfits from local brands as they are of high quality and reasonably priced. For food, we go to wet markets and buy locally produced items as much as possible instead of imported products,” he said.
The father of five added that he plans to stock up on essential items in case the Middle East conflict escalates.
“Since prices are still reasonable, we might stock up for the next two months in case supply is affected. I also plan to use the RM100 from Sumbangan Asas Rahmah to buy groceries, which will help cover some necessities,” he added.
Working mother Wong CY, 52, said her family would now cut back on non-essential spending.
“No more pampering like body massages, reflexology or entertainment. I may also have to forgo my gym membership.
“It looks like eating at restaurants will be the last option. I will have to cook at home and be more creative with my grocery budget,” she said.
Autism sports coach Sandhya Darshini Ganeswaran, 24, said she would also adjust her spending by cutting back on shopping.
“Usually I have some extra money at the end of the month as a reward to myself for working hard while studying.
“But now, even if I have extra money, I would most likely save it instead of spending it to prepare for future expenses and avoid financial stress,” she said.
Escalating tensions in the Middle East have pushed global oil prices higher, leading to concerns of a significant increase in unsubsidised petrol and diesel prices in Malaysia. The government has cautioned that higher fuel prices could also raise operating costs for industries, which may eventually be passed on to consumers.
