No other government controls the prices of goods?
Really?
In Thailand:
Price Control Ordered for Election Run-up
UPDATE : 9 May 2011
The commerce minister has ordered strict price control on all goods during the period leading up to the next general election and said that the ministry is mulling whether to raise prices of construction materials, particularly steel.
Commerce Minister Porntiva Nakasai said due to the government's announcement of House dissolution, the Commerce Ministry has decided to order strict price control on all goods during the period leading up to the next general election.
She also commented on construction materials, particularly steel, saying that the ministry is now mulling whether to raise their prices.
In addition, the commerce minister has ordered the Internal Trade Department to keep a close watch on food prices, especially pork, chicken and eggs.
The department will launch “Blue Flag” restaurants to offer low-price dishes in many low-income communities and will enforce 25 baht menus at shopping malls' food courts.
Meanwhile, the National Palm Oil Committee, headed by Deputy Prime Minister Suthep Thaugsuban, has announced that it will continue to maintain the price of raw palm oil at six baht per kilogram from now until the end of June.
As a result, the committee will not be able to lower the cooking palm oil price at this time and will revise the issue in July.
In Vietnam:
Inflation control aids stability
The head of the Ministry of Finance’s price control department, Nguyen Tien Thoa, spoke to Tin tuc (News) about measures to curb the prices of essential goods and stabilise people’s living standards.
What measures is the Ministry of Finance taking to curb prices of necessities for production and daily life?
Under Government Resolution No 11/NQ-CP issued in February to curb inflation, the ministry asked municipal and provincial People’s Committees to improve price management. The localities are boosting price inspections and reporting, control price-forming factors, releasing information to the public about pricing violations via mass media, and tightening State budget spending. The ministry has asked agencies from central to local levels to cut 10 per cent of recurrent expenditures for the last nine months of this year.
The ministry has co-operated with relevant ministries and authorities to inspect the implementation of price regulations in 24 firms with price-stabilised products, including steel, cement, fertiliser, animal feed, milk and sugar. We are also to inspect firms producing pesticides, veterinary medicines and paper.
The ministry will continue to take measures to ensure market-regulated prices and minimise the impact of market prices on socio-economic development. Additionally, social welfare will be also improved through support policies for the poor and low-income earners, and extending tax payment times for small- and medium-sized enterprises. The ministry also has other measures to help firms reduce production costs, including simplified administrative procedures and reduced tariffs and fees.
In the past two months, domestic petrol prices have risen VND4,300 per litre. How is the Government working to control the price?
Viet Nam still imports fuel to meet domestic demand, so domestic prices depend on the world prices. Normally, when regulated by market mechanisms, the fuel price is adjusted in line with market movements. The increase in world prices leads to an increase in domestic prices and vice versa.
Domestic fuel prices have been increased twice recently, but the increase was just 40-50 per cent of the adjusted price thanks to the Government reduction of import taxes to 0 per cent.
So, if world prices rise, making basic price higher than the current price for 30 days, the domestic price will be increased to ensure smooth operation for petrol distributors and dealers. High buying prices and low selling prices can weaken these firms’ financial capacity and lead to an increase in cross-border fuel smuggling. If, during the same period, the basic price is lower than current price, the import tax will be restored and retail fuel prices could be reduced.
The ministry has approved a proposal by the Vinacomin Group to increase coal prices by 20-40 per cent this month. How will this impact the prices of other commodities dependent on coal, e.g., fertiliser, paper and cement?
After stable coal prices for the past year, coal enterprises have to increase prices because price-forming factors have changed, making their coal prices much lower than either domestic market and export prices. This is force majeure. However, the adjustment has not met the Prime Minister’s direction that the domestic coal price should be 90 per cent of the export price and must be 39.5-67 per cent higher than current prices.
The newly-approved increase in coal price will increase cement costs by 5.7-6.4 per cent, paper costs about 3.5 per cent, phosphate fertiliser costs 6-6.4 per cent, and nitrogenous fertiliser costs 15-18 per cent. Whether retail prices will increase proportionally depends on such factors as market price, purchasing power, demand, competitiveness and the efficiency of firms in reducing production costs.
From VietNamNewsIn Singapore, a developed nation, there's such a thing as 'PRICE CONTROL ACT'.
So, who are you trying to kid, Muhyiddin?
STOP THE BULLSHIT!
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