KUALA LUMPUR, Jan 23 — Deputy Minister of Domestic Trade and Consumer Affairs Datuk Rosol Wahid has reminded traders not to make unreasonable price hikes that could burden consumers.
He said Malaysia had an open economy where prices were determined by forces of supply and demand, however, traders were still subject to the provisions of the Price Control and Anti-Profiteering Act (AKHAP) 2011.
“The Act provides that traders will not be spared action if the price changes made 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 which also affected the food business.
“What I truly meant with regards to ‘Traders can raise prices as long as they do not profiteer’ was to explain that in line with the enforcement of AKHAP 2011, traders may determine the selling price of food to consumers, including in terms making any changes in those prices, but they were still subject to regulation under AKHAP 2011, which includes profiteering,” he said.
He added that at no time did he imply that the government gave permission to traders to increase the prices of food.
On the contrary, he said the government would protect consumers by investigating and taking action against unscrupulous traders, adding that consumers should come forward and complain about such practices through the ministry’s official channels.