His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam has consented to the Price Control Act (Amendment) Order 2021, announced the Department of Economic Planning and Statistics (DEPS), Ministry of Finance and Economy.
Effective November 23, the objective of the amendment is to update and strengthen the relevant provisions and further streamline the enforcement measures implemented by the DPES to stay relevant in the current economic climate and to help the Sultanate reach its economic goals in the long run.
The amendment to the Act is also accompanied by amendments to additional laws – Price Control (Maximum Prices and Charges) (Amendment) Order 2021 and Price Control (Minimum Price and Charges) (Repeal) Order 2021.
In an effort to safeguard the public’s interests and well-being, key amendments include giving provision to the JPES to monitor and enforce the price of certain goods in circumstances, such as the COVID-19 pandemic.
The retailures’ failure to cooperate, such as providing information or records and allowing the authorities to enter or inspect business premises, is an offence and is punishable if convicted under the Act.
The amendment also includes the continuous updating of the list of goods in which the maximum price is controlled under the Act, including government-subsidised goods of rice, sugar and cooking oil.