Finance Minister Fayval Williams says consumers will have to manage their budgets in the near term to deal with increasing oil prices, resulting from the conflict in the Middle East.

The war has escalated since the United States and Israel launched missile attacks on Iran last Saturday.

That action resulted in a wave of retaliatory strikes across the region and the closure of the Strait of Hormuz, a major oil shipping route.

Mrs. Williams commented on the matter during this morning’s meeting of the Standing Finance Committee of Parliament.

She was being questioned by Spokesperson on Finance, Julian Robinson, about the measures in place to deal with the likely impact on inflation from the spike in oil prices, especially on the vulnerable.

She said the Government will step in if the conflict persists for a sustained period.