Monday, February 6, 2023

Minister says OK to increase prices, but not with excessive profits

Social NewsMinister says OK to increase prices, but not with excessive profits

Last month, there had been several rounds of price hikes involving raw materials and ingredients.

Facing the increasing cost, food traders are allowed to increase their selling prices as long as there is no element of profiteering, said the Deputy Minister of Domestic Trade and Consumer Affairs (KPDNHEP) Datuk Rosol Wahid.

He said the ministry have received complaints and grievances from traders who said the prices of raw materials have skyrocketed, leading prices of food items to increase accordingly.

“Obviously, traders want profits. They may increase the selling prices but their profits must not be excessive.”

“We held engagement sessions, and the ministry takes care of the trading aspect as well as consumers. We want traders to do business ethically and we do not want consumers to be deceived,” he was quoted saying by Bernama.

Source: The Straits Times

Rosol said this after reviewing the implementation and compliance of the Malaysian Family Maximum Price Scheme (SHMKM) at the Stutong Community Market, which began on 7 December 2021 and ends 4 February 2022.

Also present at the event were KPDNHEP enforcement director Azman Adam and Kuching South City Council mayor Datuk Wee Hong Seng.

Rosol also expects the problem of rising prices of chicken that is expected to be solved once SHMKM ends.

He added that the KPDNHEP and the Agriculture and Food Industries Ministry (MAFI) has issued over 20 approved permits (APs) to balance prices in the market.

Rosol also said the government will reevaluate the maximum price scheme, along with the inflation based on input from the Department of Statistics (DOSM), Finance Ministry, and MAFI before deciding on whether or not to extend the scheme.

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