Return of one-sen coin to beat profiteers
By Noor Adzman Baharuddinand Sharanpal Singh Randhawa, NST
KANGAR: The use of one sen coins will soon become fashionable again.
This, according to Deputy Prime Minister Tan Sri Muhyiddin Yassin, was critical since it would truly reflect the actual rise in cost of food items and services.
Citing an example, he said at present drinks vendors would usually round up the prices of their drinks to the next five sen although the increase in their costs was only one sen.
“Lets say if the actual increase in cost for a glass of teh tarik is one sen and if the price was RM1.70 per glass, the seller will then usually sell it for RM1.75 sen.
“Why must they round it up to the higher five sen … when they only incurred a one sen increase in their costs?
“The additional four sen increase in the price of a glass of teh tarik does not truly reflect the actual increase in cost to the drinks seller and this is an unnecessary burden to consumers,” he said here yesterday.
Muhyiddin said he would be meeting with Bank Negara Malaysia officials soon to reintroduce the use of one sen coins, which were withdrawn from circulation after the Government introduced the rounding up mechanism on April 1, 2008.
(The rounding up mechanism was introduced to reduce handling costs for businesses and consumers since it made payments faster and more convenient while the government could also save costs in producing one sen coins).
Muhyiddin, who was here on a day-long working visit to Perlis, was also asked on steps the private sector could take to help the government check price increases of food items and services.
He said the private sector must not only think of merely making profits but should help the government reduce the burden on the public.
“Some producers can say it is an open market system and they can impose any prices they like and we cannot take legal action against them.
“We usually know the actual rise in their costs and if it is just one sen, lets not raise the price of their products by 10 sen. They must be reasonable and not burden the public.
“They must also have the spirit to help the public and not just be merely driven by profits,” he said, adding that he had discussed these matters when he chaired the Cabinet Committee on Supply and Prices recently.
On steps taken to reduce the pinch on Government coffers due to spiralling subsidies, Muhyiddin said beginning June 1, the diesel subsidy for deep-sea fishermen would be reduced by 55 sen per litre.
“Now they and inshore fishermen are paying RM1.25 per litre, but from next month, deep-sea fishermen will have to pay RM1.80 per litre of diesel.
“We have decided that since they are bigger and have more boats and make bigger catches, they should pay slightly more than inshore fishermen.
“They still get the subsidies and the new price is still much lower than the RM2.05 per litre of diesel imposed on industries.”
(The pump price of diesel is RM1.80 per litre).
Earlier, Muhyiddin said his visits to the states were part of the turun padang or going to the ground programme mooted by Prime Minister Datuk Seri Najib Razak to foster closer rapport between the leaders and the people.
He said the various economic programmes introduced by the Government had never neglected the needs of the people.
Muhyiddin, who was accompanied by Menteri Besar Datuk Seri Dr Md Isa Sabu, met with people from all walks of life, which included the fishing community in Kuala Perlis, as part of his whirlwind visit to the state.
He also visited a bed-ridden villager Arpah hashim, 83, at her home in Kampung Belakang Surau.
Arpah receives a monthly stipend of RM300 from the Welfare Department and is looked after by her daughter, Damasyarah Murad, 57.
Muhyiddin also attended a 1Malaysia luncheon with the people at Dewan Wawasan 2020.
