Traders should not hike prices arbitrarily, says Rosol

KUALA LUMPUR: Traders should not increase prices unreasonably in a way that burdens consumers, says Deputy Domestic Trade and Consumer Affairs Datuk Rosol Wahid.

He said that although Malaysia has an open economy where prices are determined by forces of supply and demand, traders are 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 on Sunday (Jan 23)

Rosol's statement was issued to clarify his previous statement made in Kuching, Sarawak on Friday (Jan 21) 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 the Act, traders may determine the selling price of food to consumers, including by making any changes in those prices. They are still subject to the regulations under the 2011 Act, which includes laws against 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. - Bernama