Monitor businesses, prevent profiteering from lower oil prices - minister

 

PARLIAMENT SNAPSHOT | Minister calls for market monitoring to prevent businesses profiteering from falling oil prices.

2.30pm

Price monitoring

• Economy Minister Akmal Nasrullah Nasir said the Domestic Trade and Cost of Living Ministry must monitor the market to ensure businesses do not profiteer from falling global oil prices.

  Responding to Ronald Kiandee (PN-Beluran), who asked whether lower oil prices have reduced logistics and food import costs, Akmal said government subsidies have shielded consumers from sharp price increases.

  He said declining energy prices should lead to lower prices, adding that the Domestic Trade and Cost of Living Ministry must ensure businesses do not keep prices high despite lower operating costs.

  “The Domestic Trade and Cost of Living Ministry must ensure that there are no elements of profiteering or taking advantage, so that consumers are not burdened when operating costs have already started to decline,” he said. - Mkini