Price Control will be enforced strictly by the authorities

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PUTRAJAYA: The Malaysian Communications and Multimedia Commission (MCMC) had been instructed to take legal action on an online advertisement selling five packets of subsidised cooking oil at RM27.00 when the actual price should be RM12.50.

Minister of Communications and Multimedia (K-KOMM) , Tan Sri Annuar Musa said, the actual price of the cooking oil is RM9.00 per kg but the government is subsidising it for RM6.50 and it should be sold to the consumer at RM2.50 per kg.

Annuar said, in this difficult time where prices of food commodities have increased greatly, the Price Control and Profiteering Act 2011 will be enforced strictly by the authorities.

“A person could be fined RM100,000 and jail two years or compound for RM50,000 while the company will be fined for RM500,000 if caught not following the prices and procedures following the government food subsidy programme,” Annuar said at the press conference after chairing the meeting “Handling Inflation Movement Special Team” here today.

Regarding the shortage of the 1kg plastic packet cooking oil supplies in the market, Annuar said, the supply of 60,000 tonnes of cooking oil should be sufficient for the consumers but many “leakages” happened following fake news saying that the oil supplies will be affected after July.

“The government will announce a special mechanism on the shortages of the 1kg plastic packet cooking oil problem in the near future,” Annuar said.

According to Annuar, the technical committee will bring up the problem and any commodity price increase to the Cost of Living Committee headed by the Prime Minister in the weekly meeting and further discussed in the Cabinet Ministers’ Meeting.

Earlier Annuar emphasized that the rate of inflation in Malaysia is currently 2.8 per cent compared to other developed nations that have reached double digits. The low inflation rate is due to the government subsidies amounting to RM70 billion approved by the Parliament for 2022.

“The government had retained the policy of giving subsidies to fuel and certain food commodities so that the people will not be affected badly by the inflation.

“The formation of the “Handling Inflation Movement Special Team” recently is to monitor and ensure the inflation rate remains low while the government is willing to pay high amount of subsidies,” Annuar said. – Malaysia World News

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