Putrajaya to review Price Control and Anti-Profiteering Act 2011

The Domestic Trade, Cooperatives and Consumerism Ministry (KPDNKK) is reviewing the Price Control and Anti-Profiteering Act 2011 after business associations alleged the act restricted their freedom to trade and did not promote investment.

Its Minister, Datuk Seri Hamzah Zainuddin said the ministry hoped a new mechanism could be put in place which all parties namely traders and consumers would be agreeable to.

"Talking about consumerism, for sure there are traders and buyers; if traders are honest, consumers will feel confident about buying from them without any sense of suspicion.

"We can feel relieved today because of the Act which could prove that the price of many goods are actually reasonable," he told reporters after opening the Pengkalan Chepa UMNO division Wanita, Youth and Puteri Delegates Meeting, here last night.

Hamzah said the study was being carried out to assure traders that they could still earn a profit despite stricter rules, and consumers, that they could buy goods at a fair price," he said.