Reconvening Committee Against Profiteering to Investigate Unjustifiable Price Increases of Essential Products and Services

10 Mr Melvin Yong Yik Chye asked the Deputy Prime Minister and Minister for Trade and Industry in light of the current volatility in fuel and food prices, whether there are any plans to reconvene the Committee Against Profiteering to investigate feedback against unjustifiable price increases of essential products and services that use the global uncertainty as a cover.

Mr Gan Kim Yong: As a small and open economy that imports most of our essential goods including food and fuel, Singapore is exposed to global supply chain disruptions and upward pressure on our domestic prices caused by the ongoing Middle East crisis.

The Committee Against Profiteering was established to review and investigate feedback on unjustified price increases of essential goods and services using the Goods and Services Tax increase as a cover, and to encourage businesses to be transparent and accurate when they communicate the reasons for any price increase to consumers.

The Government has adopted a multi-pronged strategy against profiteering. This includes promoting fair competition, diversifying our sources and broadening our economic partnerships and trade agreements, as well as helping consumers make informed decisions through greater price and information transparency. For instance, the Government has worked with the Consumers Association of Singapore to develop Price Kaki, a mobile application that allows consumers to compare the prices of a wide range of cooked food, groceries and other daily essentials across different operators.

Where there is evidence of anti-competitive conduct among businesses, such as price collusion, the Competition and Consumer Commission of Singapore can investigate and take enforcement action against such businesses under the Competition Act. The Government will continue to monitor price changes closely and take further measures, if necessary.