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Free Malaysia Today
03-05-2025
- Business
- Free Malaysia Today
Egg prices may rise by 10 sen after subsidy cut, says Mydin boss
The government reduced subsidies from 10 sen to 5 sen per egg yesterday, with full removal and the end of price ceilings scheduled for Aug 1. PETALING JAYA : Egg prices may rise by about 10 sen following the removal of government subsidies and price controls, but the increase is expected to stabilise supply and strengthen the industry, says Mydin managing director Ameer Ali Mydin. Ameer said the slight increase was part of the transition to a healthier, market-driven system that would ultimately reduce shortages and create a more resilient egg industry. Ameer Ali Mydin. 'Since there's no price control, the prices of eggs would probably go up by 10 sen and eventually, when there's more supply in the market, the prices will stabilise,' he told FMT. The government reduced subsidies from 10 sen to 5 sen per egg yesterday, with full removal and the end of price ceilings scheduled for Aug 1. Egg prices are currently capped at 42 sen (Grade A), 40 sen (Grade B) and 38 sen (Grade C) per egg. It was reported that the subsidy of 10 sen per egg involved an expenditure of RM100 million. Ameer said the liberalisation would allow the industry to scale up production and resume exports to key markets like Singapore and Hong Kong, which were previously restricted because of domestic pricing policies. He also cautioned against complicating matters by introducing a new 'special grade' of affordable eggs. 'I don't agree with the government introducing items like special grade eggs. We already have grades A, B, C, D and E. Please don't come up with another grade. 'Even the mamak shop doesn't buy grade D because they're too small,' he said. Jeffrey Ng. Jeffrey Ng, adviser to the Federation of Livestock Farmers' Associations of Malaysia, also hailed the reduction of subsidies from 10 sen to 5 sen per egg, with full removal and the end of price ceilings by Aug 1 as a step towards long-term industry health. 'We believe floating prices are a better mechanism. Continuous subsidies may not be helping either the industry or consumers,' he said. Ng said supply remained stable even during the recent festive period, so farmers would be well-prepared for the transition away from subsidies.
Daily Express
03-05-2025
- Business
- Daily Express
Egg prices may rise by 10 sen after subsidy cut, says Mydin boss
Published on: Saturday, May 03, 2025 Published on: Sat, May 03, 2025 By: Alysha Edward, FMT Text Size: The government reduced subsidies from 10 sen to 5 sen per egg yesterday, with full removal and the end of price ceilings scheduled for Aug 1. PETALING JAYA: Egg prices may rise by about 10 sen following the removal of government subsidies and price controls, but the increase is expected to stabilise supply and strengthen the industry, says Mydin managing director Ameer Ali Mydin. Ameer said the slight increase was part of the transition to a healthier, market-driven system that would ultimately reduce shortages and create a more resilient egg industry. 'Since there's no price control, the prices of eggs would probably go up by 10 sen and eventually, when there's more supply in the market, the prices will stabilise,' he told FMT. 'Since there's no price control, the prices of eggs would probably go up by 10 sen and eventually, when there's more supply in the market, the prices will stabilise,' he told FMT. Jeffrey Ng, adviser to the Federation of Livestock Farmers' Associations of Malaysia, also hailed the reduction of subsidies from 10 sen to 5 sen per egg, with full removal and the end of price ceilings by Aug 1 as a step towards long-term industry health. 'We believe floating prices are a better mechanism. Continuous subsidies may not be helping either the industry or consumers,' he said. Ng said supply remained stable even during the recent festive period, so farmers would be well-prepared for the transition away from subsidies. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
The Star
01-05-2025
- Business
- The Star
All eyes on egg prices after Aug 1
PETALING JAYA: The removal of subsidy for eggs from Aug 1 is likely to see prices going up, but only temporarily. It will also not be as expensive as the cost of higher grade eggs, as production of eggs is also set to increase, says an industry player. Mydin managing director Datuk Ameer Ali Mydin said retailers have been asking the government to boost the supply of chicken eggs in the market. This move, he said, will also stimulate the export of the produce. 'We used to have a high production and exports of chicken eggs, but when price control and subsidy was introduced, farmers were not encouraged to sell their produce overseas. 'This move will encourage exports and it will be beneficial for the country,' he said. The Agriculture and Food Security Ministry announced yesterday that the price control on chicken eggs has been lifted, with subsidies reduced from RM0.10 to RM0.05 per egg, effective today. The egg subsidy will be completely abolished on Aug 1. On the possibility of traders taking advantage of any increase in egg prices after Aug 1, Ameer Ali said this will be temporary and that the government will be able to manage the situation. 'I think the government has enough power to enforce anti-profiteering laws to curb people from taking advantage of the price control removal,' he said. Federation of Malaysian Consumers (Fomca) chief executive officer Saravanan Thambirajah agreed. He said the authorities will have to continue strict monitoring of the consumer price index (CPI). 'The ministry concerned should take firm action against any opportunistic price hikes that are not justified by cost increases. 'It also needs to ensure that pricing mechanisms remain transparent and fair,' he said, calling the abolition of the subsidy a step forward to a more sustainable and targeted subsidy system. However, Saravanan also said that the move must also be in tandem with robust protection for vulnerable groups as well as supply chains. 'We understand the need to optimise national spending and redirect fiscal resources to where they are needed most. 'At the same time, we stress the importance of implementing proper safety nets, particularly for the lower income group and vulnerable groups,' he said. Meanwhile, Pertubuhan Mesra Pengguna Malaysia deputy president Azlin Othman warned that consumers from the low income group could be badly affected by the removal of the price control. She urged the government to reconsider, especially taking into account the effects on the vulnerable. 'We are concerned that there might be a price increase of between 20% and 50% when the subsidy for chicken eggs is removed. 'There might also be issues with shortage of supply. The impact on consumer depends on the support by the government,' she said. MCA vice-president Datuk Lawrence Low, however, felt the government should reconsider its decision to withdraw price controls and subsidies. He said it could increase the monthly household expenses by RM15 for a family of five, based on the average consumption of one egg per person per day. 'The government's claim that production costs have stabilised is simply unreasonable, given the continuing conflict and uncertainties posed by the United States' retaliatory tariffs,' he said in a statement yesterday. From February 2022 to December 2024, the government said it spent nearly RM2.5bil on egg subsidies to cover rising production costs caused by the Covid-19 pandemic and the Ukraine-Russia war, which affected prices of chicken feed. 'Where has the revenue from the Sales and Service Tax, which has been raised from 6% to 8%, gone? 'And what about the income from newly introduced taxes?' he asked.
Yahoo
10-03-2025
- Business
- Yahoo
Mydin boss suggests millers of hoarding local rice, fuelling shortage
KUALA LUMPUR, March 10 — Rice millers appeared to be hoarding local white rice (BPT) to manipulate supply and are demanding cash payments from retailers in the wake of the resulting shortage, said Datuk Ameer Ali Mydin. Speaking as the president of the Bumiputera Retailers Association, the Mydin Holdings managing director questioned why BPT, which had been scarce for two years, suddenly became available after the government allocated RM150 million in subsidies. He said it was curious that supply could improve so quickly, and suggested millers were taking advantage of the ongoing shortage to gain leverage over retailers, forcing them to accept unfair payment terms. 'Millers are using their power to control supply, telling retailers they must pay cash upfront if they want local rice,' Ameer was quoted as saying in an Utusan Malaysia report. Previously, supermarkets could purchase rice on credit with a 30-day payment term, a practice that still applies to imported rice but has been revoked for BPT. Ameer argued that such cash-only demands disrupt operations, as supermarket chains require warehouse processing and multi-level approvals before making payments. The industry veteran accused millers of playing games, saying they are taking advantage of shortages to change business terms in their favour. He pointed out that suppliers are delivering only 50 to 100 bags per store per week, when supermarkets require at least 500 bags daily to meet customer demand. Ameer then urged the Ministry of Domestic Trade and Cost of Living (KPDN) to intervene by facilitating discussions between supermarkets and millers. Ameer suggested that KPDN should set clear supply quotas, ensuring each supermarket receives a fixed number of rice bags per month, rather than leaving distribution to millers' discretion.
