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Domestic Trade Ministry cracks down on coconut price hikes, issues 47 notices to traders
PUTRAJAYA, Feb 26 — The Ministry of Domestic Trade and Cost of Living (KPDN) has opened three investigation papers and issued 47 notices to coconut and coconut milk traders for unjustified price hikes.
KPDN enforcement director-general Datuk Azman Adam said the ministry is actively addressing rising prices of whole coconuts, grated coconut, and coconut milk in the peninsula through enforcement under the Price Control and Anti-Profiteering Act 2011 (Act 723).
“So far, 47 notices under Section 21 of Act 723 have been issued to traders who raised prices, and three investigation papers have been opened against those suspected of violations.
“The Enforcement Division has also summoned two coconut milk producers following their recent price hike announcements,” he said in a statement yesterday
To prevent market exploitation amid the coconut shortage, KPDN’s Enforcement Division has intensified inspections across the supply chain.
“KPDN will continue its monitoring and enforcement efforts to ensure consumers are not burdened by rising prices.
“KPDN also issues a stern warning to all parties to comply with the existing laws,” he said, adding that individuals found guilty of profiteering could face action under Act 723.
Azman added that KPDN is working closely with the Ministry of Agriculture and Food Security (MAFS) and industry players to discuss solutions for the coconut supply shortage, which has contributed to the rising price of coconut milk in the market.
