With oil price down, traders given a week to cut prices

With oil price down, traders given a week to cut prices

PETALING JAYA: Traders are given a week from now to reduce the price of goods in tandem with the drop in fuel prices in September, says Domestic Trade, Cooperatives and Consumerism Minister Datuk Hamzah Zainudin.

He added that those who fail to do so could 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 go overboard by making excessive profit. There should be price reductions (for goods) and we will go down to the ground to see whether the prices of goods have gone down or not,” he said after a reception with staff of Angkatan Koperasi Kebangsaan Malaysia Berhad (Angkasa) here yesterday.

He also questioned the action of traders when they were quick to raise prices of goods whenever there was an increase in fuel prices.

“There will be enforcement action against profiteering. This kind of profit-taking in unfair,” he added. — Bernama