DISHONEST business owners are to blame for the prices of goods that have remained high in spite of the government’s move to reduce the price of petrol and diesel, said Domestic Trade and Consumer Affairs Minister Saifuddin Nasution Ismail.

Fuel prices dropped across the board from Saturday, in keeping with Putrajaya’s promise to set a weekly retail price that reflects falling global prices.

Until January 11, the retail price for RON97 will be priced at RM2.23 sen a liter from RM2.50 while the pump price for RON95 is now RM1.93 from RM2.20 a liter.

The retail price for diesel was also reduced to RM2.04 from RM2.18.

Saifuddin said fuel prices were important factors in determining the rate of inflation and prices of goods, but retailers were refusing to lower their prices even though they were enjoying lower cost of production and transportation.

“In terms of policy, we announced that the price of fuel will drop, so businesses enjoy a lowering of production cost, so this should also lead to a reduction in cost of goods,” he said in Putrajaya today.

“The ministry will control the policies and laws. (but) this will only work if all the business owners adhere to it, and the consumers are smart consumers. The ecosystem needs the support of all.” – January 7, 2019.