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KUALA LUMPUR – Deputy Minister of Domestic Trade and Consumer Affairs Datuk Rosol Wahid has reminded traders not to make unreasonable price hikes that can burden consumers.
He said Malaysia has an open economy, where prices are determined by the forces of supply and demand; however, traders are still subject to the provisions of the Price Control and Anti-Profiteering Act 2011.
“The act provides that traders will not be spared from action if price changes show an increase that is too high, sudden, and take unreasonable or excessive profit,” he said in a statement today.
Rosol’s statement was issued to clarify his previous statement made in Kuching, Sarawak, on Friday on the instability of prices of essential items that also affect the food and beverage market.
“What I truly meant in saying ‘traders can raise prices as long as they do not profiteer’ was to explain that in line with the enforcement of the act, traders may determine the selling price of food to consumers, including in terms of making any changes in those prices, but they are still subject to regulations under the act, which includes profiteering,” he said.
He added that at no time did he imply that the government gives traders permission to increase the prices of food.
On the contrary, he said, the government will protect consumers by investigating and taking action against unscrupulous traders, adding that consumers should come forward and complain about such practices via the ministry’s official channels. – Bernama, January 23, 2022