Ministry Warns Traders of Action Against Price Manipulation
Deputy domestic trade and cost of living minister Fuziah Salleh has issued a stern warning to traders, stating that her ministry is equipped to detect attempts to raise prices and will not hesitate to take action against anyone found guilty of such manipulation.
Monitoring Prices Daily
According to Fuziah, 990 ministry officers monitor the prices of goods every day, visiting wet markets, mini markets, and other locations to check the prices of 480 goods daily. This data is then used to track price movements, allowing the ministry to identify who is taking advantage of prices and who is not.
Supply Chain Knowledge
Fuziah emphasized that the ministry knows the costs of all materials along the entire supply chain, giving it the ability to spot any attempts to artificially inflate prices. "We need to give a firm warning (to potential wrongdoers), because the ministry knows the cost of all materials along the entire supply chain," she said.
Price Stabilization Measures
The warning comes as the government plans to increase the excise duty rate on sugary drinks in phases, starting with 40 sen per litre from January 1, 2025. Fuziah reassured the public that the price of sugar would not increase, stating that if sugar prices remain the same, the price of cakes made with that sugar would not increase either.
Disciplinary Action
If the ministry identifies any wrongdoing, it will immediately conduct an investigation and issue notices to those found guilty. Fuziah’s warning is aimed at preventing price manipulation and ensuring that consumers are protected from overpriced goods.
Conclusion
The ministry’s commitment to monitoring prices and detecting attempts to manipulate the market is crucial in maintaining a stable business environment. By knowing the costs of all materials along the supply chain, the ministry can take swift action to prevent price hikes and protect consumers from exploitation.
Frequently Asked Questions
Q: What is the purpose of the ministry’s price monitoring efforts?
A: The ministry’s price monitoring efforts aim to detect attempts to manipulate prices and ensure a stable business environment.
Q: How does the ministry track price movements?
A: The ministry tracks price movements by visiting wet markets, mini markets, and other locations to check the prices of 480 goods daily.
Q: What is the ministry’s plan for handling price manipulation?
A: The ministry will conduct an investigation and issue notices to those found guilty of price manipulation.