Guan Eng blames monopolies for 'stubborn' prices after GST zero-rating

PARLIAMENT | Putrajaya has blamed the monopolies of controlled items – like sugar – as being among the reasons for the price of goods not coming down since the zero-rating of GST on June 1.

In a question-and-answer session at Dewan Negara this morning, Finance Minister Lim Guan Eng said the government is conducting research on the matter and a new sugar price would be announced to curb inflation.

"Although the six percent (GST tax) has been taken out, the price is still stubborn and declines to come down.

"One of the factors is the structural factor, where (some of the) monopolies want profit, and make use of their monopolies to maintain the price (of controlled items).

"Take sugar for example. The world price is set at RM1.40 per kg, but the retail price in the country is RM2.90 per kg," he added.

Lim said that Domestic Trade and Consumer Affairs Minister Saifuddin Nasution Ismail would announce the new pricing for sugar.

The finance minister was responding to BN senator Khairudin Abd Samad, who noted that the prices of some goods have not come down after the zero-rating of GST.

[More to follow]

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