PETALING JAYA: Traders were yesterday told to reduce the price of goods in tandem with the drop in oil price in September.
Domestic Trade, Cooperatives and Consumerism Minister, Datuk Hamzah Zainudin said traders were given one week to do so or face action under the Price Control and Anti-Profiteering Act 2011.
The price of RON95 and RON97 petrol has dropped by 10 sen per litre to RM1.95 and RM2.35 respectively, and diesel by 15 sen per litre to RM1.80.
“Don’t be too much by making excessive profit. There should be price reduction (for goods) and we (ministry) will go down to the ground to see whether the price of goods has gone down or not,” he said.
Hamzah was speaking to reporters after a reception with officials and staff of Angkatan Koperasi Kebangsaan Malaysia Berhad (Angkasa), here yesterday.
He also questioned the action of traders where they were quick to raise prices of goods whenever there was an increase in oil price.
“Today, I wish to inform traders that there will be enforcement action against profiteering. This kind of profit-taking is unfair,” he said.
Speaking on the same subject at another event held in Kuala Lumpur, he said traders must reduce prices and not give various excuses not to, as transport and other related costs had gone down following the drop in oil price.
In this regard, he urged the public to report immediately to the ministry, errant traders with complete information such as the location of the shop involved, the name of the company and the price of the item.
“The public can be a voice in assisting the ministry ensure that traders adhere to the directive issued by the ministry to reduce prices of goods,” he said.
Earlier, Hamzah visited the office of Intellectual Property Corporation of Malaysia (MyIPO). Also present was his deputy, Datuk Seri Ahmad Bashah Md Hanipah.
On MyIPO, the minister said it should further strengthen its strategies and direction to boost the nation’s intellectual property protection system and to also widen the intellectual property landscape so as to be at par with those of developed countries. — Bernama