Focus

Budget 2024: Govt to take action against unjustified price hikes

By SINAR DAILY REPORTER
13 Oct 2023 05:07pm
Finance Minister and Prime Minister Datuk Seri Anwar Ibrahim tabling the Malaysia Madani Budget 2024 in Parliament, today. - Photo by Bernama
Finance Minister and Prime Minister Datuk Seri Anwar Ibrahim tabling the Malaysia Madani Budget 2024 in Parliament, today. - Photo by Bernama

KUALA LUMPUR - The government will not remain silent if the retargeting of subsidies is used to increase prices unreasonably, says Finance Minister Datuk Seri Anwar Ibrahim.

To successfully implement the retargeting of subsidies initiative, the Prime Minister said there must be honesty in the trade relationship between buyers and sellers.

"While we do not deny the traders' rights to make reasonable profits, activities involving cartels and collusion that result in excessive and uncontrolled price increases are against our principles," he said during the tabling of the Malaysia Madani Budget 2024 in Parliament, today.

He added that the government's focus was on eradicating such parasitic practices through strict and comprehensive measures by the Domestic Trade and Consumer Affairs Ministry and by strengthening the capacity and functions of the Malaysia Competition Commission (MyCC) with an allocation of RM10 million.

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