By Lian Cheng
KUCHING, Feb 25: The conflict currently taking place between Russia and Ukraine may cause an interruption in crude oil supply which will impact oil prices and lead to the increase in the prices of goods.
According to Domestic Trade and Consumer Affair Minister Dato Sri Alexander Nanta Linggi, based on economic principle and previous experiences, whenever there was a war involving countries producing crude oil, oil prices will be affected.
“It will give rise to the increase in the prices of goods because most business or economic activities will be affected by oil price increases through their logistics and transportation,” said Nanta at a press conference at Majma Mall after conducting spot-checks at several pharmacies and retail stores selling self-test kits and facial masks today.
He, however, warned businessmen not to use it as an opportunity to take advantage of consumers by arbitrarily increasing the prices of goods even before the impact of the anticipated oil price increase hit the nation.
The Kapit MP continued by painting the scenario where some businessmen hiked the prices of goods to a high percentage when there was only a slight increase in oil prices.
“This we condemn. That is why we have laws for these kind of situations, such as the Price Control Anti-Profiteering Act 2011. Don’t increase the prices of goods as you fancy. I am issuing a warning here. We can penalise these businessmen at any time with the existing law.
“War or no war, we will use it (Price Control Anti-Profiteering Act 2011) because whoever is doing business, they must be ethical. If there is an oil price increase, and there is a fair increase in prices of goods, we are okay with that.
“But if we find out that there is manipulation to deliberately hike up profits (they) are not entitled to, we will penalise these businessmen with the existing law,” Nanta stressed. — DayakDaily
