, Ministry of Finance and Economy, in collaboration with the Department of Agriculture and Agrifood, Ministry of Primary Resources and Tourism (MPRT), has introduced a Seasonal Maximum Price Setting on selected food items. This initiative, announced on Thursday, aims to safeguard consumer interests against price hikes due to increased demand and foster a fair, competitive marketplace. Understanding the Price Control Initiative This seasonal price control measure encompasses not only long-term price-controlled items such as cooking oil, formulated infant powdered milk, rice, and sugar but also extends to other essential food items including whole chicken, chicken eggs, butter, margarine, ghee, flour, and various types of milk. By setting maximum prices for these items, the government seeks to prevent unscrupulous price increases that typically occur during the festive period. Businesses are encouraged to engage in healthy competition by offering prices lower than the set maximums, thereby promoting both affordability for consumers and a competitive edge based on product and service quality. Enforcement and Compliance To ensure compliance with the seasonal price control measures, the JPES has laid out clear penalties for businesses found selling above the maximum set prices. Violations can result in a compound not exceeding BND1,000.00 under Chapter 10B, Price Control Act, Chapter 142. For subsequent offences, the penalties can escalate to a maximum fine of BND20,000 and imprisonment for up to five years. Consumers play a vital role in the enforcement of these measures; they are encouraged to report instances of unfair pricing through the PenggunaBijak mobile application or Talian Darussalam 123, providing supporting documents such as receipts and photos. Resources for Consumers and Businesses To facilitate access to information on the maximum prices for the essential items, the list is made available through the PenggunaBijak mobile application and on the JPES website. This transparency ensures that consumers are well-informed of their rights and the prices they should be paying, while businesses are reminded of their obligations under the price control measures. The initiative reflects the government's commitment to ensuring that the festive period of Ramadhan and the first week of Syawal remain a time of celebration, not financial strain, for the citizens of Brunei. As this initiative unfolds, its impact on both consumer affordability and market competitiveness will be closely watched. The seasonal price control measures represent a balancing act between protecting consumer interests and encouraging fair business practices. By setting precedents for market behavior during peak demand periods, Brunei demonstrates a proactive approach to economic management that other nations might consider emulating. This initiative not only ensures that the spirit of Ramadhan is preserved but also promotes a healthy economic environment conducive to both consumer welfare and business growth. For More Interesting News Follow Us on Instagram){kind=link}
In a major transfer to keep up affordability and accessibility of important items throughout Ramadhan, the Division of Financial Planning and Statistics (JPES), Ministry of Finance and Financial system, in collaboration with the Division of Agriculture and Agrifood, Ministry of Main Sources and Tourism (MPRT), has launched a Seasonal Most Worth Setting on chosen meals objects. This initiative, introduced on Thursday, goals to safeguard client pursuits towards value hikes resulting from elevated demand and foster a good, aggressive market.
Understanding the Worth Management Initiative
This seasonal value management measure encompasses not solely long-term price-controlled objects resembling cooking oil, formulated toddler powdered milk, rice, and sugar but additionally extends to different important meals objects together with entire hen, hen eggs, butter, margarine, ghee, flour, and numerous forms of milk. By setting most costs for these things, the federal government seeks to forestall unscrupulous value will increase that sometimes happen in the course of the festive interval. Companies are inspired to interact in wholesome competitors by providing costs decrease than the set maximums, thereby selling each affordability for shoppers and a aggressive edge primarily based on product and repair high quality.
Enforcement and Compliance
To make sure compliance with the seasonal value management measures, the JPES has laid out clear penalties for companies discovered promoting above the utmost set costs. Violations may end up in a compound not exceeding BND1,000.00 underneath Chapter 10B, Worth Management Act, Chapter 142. For subsequent offences, the penalties can escalate to a most high-quality of BND20,000 and imprisonment for as much as 5 years. Customers play a significant function within the enforcement of those measures; they’re inspired to report situations of unfair pricing by means of the PenggunaBijak cell utility or Talian Darussalam 123, offering supporting paperwork resembling receipts and photographs.
Sources for Customers and Companies
To facilitate entry to info on the utmost costs for the important objects, the listing is made out there by means of the PenggunaBijak cell utility and on the JPES web site. This transparency ensures that customers are well-informed of their rights and the costs they need to be paying, whereas companies are reminded of their obligations underneath the value management measures. The initiative displays the federal government’s dedication to making sure that the festive interval of Ramadhan and the primary week of Syawal stay a time of celebration, not monetary pressure, for the residents of Brunei.
As this initiative unfolds, its influence on each client affordability and market competitiveness can be intently watched. The seasonal value management measures symbolize a balancing act between defending client pursuits and inspiring honest enterprise practices. By setting precedents for market habits throughout peak demand intervals, Brunei demonstrates a proactive method to financial administration that different nations would possibly contemplate emulating. This initiative not solely ensures that the spirit of Ramadhan is preserved but additionally promotes a wholesome financial setting conducive to each client welfare and enterprise progress.
For Extra Attention-grabbing Information Comply with Us on Instagram